https://www.taxtmi.com/caselaws?id=257687 Section 13(4) SARFAESI measures were treated as legally effective despite an interim status quo order from the DRT, because such an order does not erase the underlying statutory action unless it is set aside in proper proceedings. On that basis, the BIFR reference was regarded as abated. The third proviso to Section 15(1) of SICA was read to require consent of secured creditors representing at least three-fourths of the outstanding secured debt, and that consent could be validly expressed before the BIFR without any special form. As the secured creditors had given the requisite consent, the statutory condition for abatement was satisfied. en-us Tue, 08 Jul 2014 00:00:00 +0530 Thu, 19 Mar 2015 12:35:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257687 Section 13(4) SARFAESI measures were treated as legally effective despite an interim status quo order from the DRT, because such an order does not erase the underlying statutory action unless it is set aside in proper proceedings. On that basis, the BIFR reference was regarded as abated. The third proviso to Section 15(1) of SICA was read to require consent of secured creditors representing at least three-fourths of the outstanding secured debt, and that consent could be validly expressed before the BIFR without any special form. As the secured creditors had given the requisite consent, the statutory condition for abatement was satisfied. Case-Laws Indian Laws Tue, 08 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257687