https://www.taxtmi.com/caselaws?id=348509 Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 are cumulative enforcement remedies and may proceed alongside arbitration because the two regimes are not inconsistent; the doctrine of election does not bar simultaneous pursuit. The Act was also held applicable to existing live debts and security interests once the creditor falls within the statutory definition, even if the mortgage was created and the account became a non-performing asset before notification. The Act operates as a procedural enforcement mechanism, not a new substantive liability, so its application in that setting is not impermissibly retrospective. en-us Thu, 21 Sep 2017 00:00:00 +0530 Mon, 08 Jul 2024 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348509 Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 are cumulative enforcement remedies and may proceed alongside arbitration because the two regimes are not inconsistent; the doctrine of election does not bar simultaneous pursuit. The Act was also held applicable to existing live debts and security interests once the creditor falls within the statutory definition, even if the mortgage was created and the account became a non-performing asset before notification. The Act operates as a procedural enforcement mechanism, not a new substantive liability, so its application in that setting is not impermissibly retrospective. Case-Laws Indian Laws Thu, 21 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348509