https://www.taxtmi.com/caselaws?id=114028 Private assignees of a bank's security interest do not become secured creditors under the SARFAESI framework merely through assignment and cannot use its special enforcement powers or support lessee possession on that basis. Civil court jurisdiction remains available where challenges concern allegedly fraudulent post-enforcement assignment, sub-mortgage and lease arrangements that cannot be completely adjudicated by debt recovery forums. Transactions preserving the original debt while exposing the company's principal asset to further encumbrance may be challenged as lacking bona fides. Pending resolution, a receiver may retain possession to preserve the asset and account for income. A court-supervised e-auction may be used to realise the asset, discharge liabilities and protect company and minority interests. en-us Fri, 31 Oct 2008 00:00:00 +0530 Tue, 25 Nov 2014 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114028 Private assignees of a bank's security interest do not become secured creditors under the SARFAESI framework merely through assignment and cannot use its special enforcement powers or support lessee possession on that basis. Civil court jurisdiction remains available where challenges concern allegedly fraudulent post-enforcement assignment, sub-mortgage and lease arrangements that cannot be completely adjudicated by debt recovery forums. Transactions preserving the original debt while exposing the company's principal asset to further encumbrance may be challenged as lacking bona fides. Pending resolution, a receiver may retain possession to preserve the asset and account for income. A court-supervised e-auction may be used to realise the asset, discharge liabilities and protect company and minority interests. Case-Laws Companies Law Fri, 31 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114028