https://www.taxtmi.com/caselaws?id=331407 A BIFR reference filed after the underlying debt had already been assigned to a reconstruction company was treated as incompetent under the second proviso to section 15(1) of SICA, 1985, and the statutory protection under section 22 was therefore unavailable. On the possession issue, since SARFAESI proceedings, including steps under section 14, were already underway and the secured creditor was pursuing physical possession, the request for a further direction became infructuous. The proceedings were disposed of accordingly, with limited payment directions retained. en-us Thu, 11 Aug 2016 00:00:00 +0530 Mon, 22 Aug 2016 13:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331407 A BIFR reference filed after the underlying debt had already been assigned to a reconstruction company was treated as incompetent under the second proviso to section 15(1) of SICA, 1985, and the statutory protection under section 22 was therefore unavailable. On the possession issue, since SARFAESI proceedings, including steps under section 14, were already underway and the secured creditor was pursuing physical possession, the request for a further direction became infructuous. The proceedings were disposed of accordingly, with limited payment directions retained. Case-Laws Companies Law Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331407