https://www.taxtmi.com/caselaws?id=114028 A private assignee of a bank's security interest does not become a secured creditor under the SARFAESI Act merely by assignment, so it cannot invoke the Act's special enforcement powers or support possession for a lessee on that basis. Where later assignment, sub-mortgage and lease arrangements are independently challenged as fraudulent and extend beyond the bank's original recovery steps, civil court jurisdiction is not ousted by the SARFAESI Act or the RDDBFI Act. The note also records that a receiver may continue in possession to preserve the asset pending further orders, and that a court-supervised e-auction sale of the theatre complex may be directed to balance liabilities, protect value and avoid further litigation. 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 A private assignee of a bank's security interest does not become a secured creditor under the SARFAESI Act merely by assignment, so it cannot invoke the Act's special enforcement powers or support possession for a lessee on that basis. Where later assignment, sub-mortgage and lease arrangements are independently challenged as fraudulent and extend beyond the bank's original recovery steps, civil court jurisdiction is not ousted by the SARFAESI Act or the RDDBFI Act. The note also records that a receiver may continue in possession to preserve the asset pending further orders, and that a court-supervised e-auction sale of the theatre complex may be directed to balance liabilities, protect value and avoid further litigation. Case-Laws Companies Law Fri, 31 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114028