https://www.taxtmi.com/caselaws?id=194903 The second proviso to Section 15(1) of SICA is to be read purposively and harmoniously with the third proviso and the SARFAESI framework. On that construction, a reference under SICA is not defeated by any trivial acquisition of secured financial assets by an asset reconstruction company or securitisation company. The operative threshold is 75% of the secured assets, and only acquisition at that level attracts the proviso. A literal reading allowing a minimal acquisition to trigger the provision was rejected as inconsistent with the scheme of revival and rehabilitation and as producing an absurd result. en-us Mon, 22 Nov 2010 00:00:00 +0530 Thu, 05 Oct 2017 15:02:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194903 The second proviso to Section 15(1) of SICA is to be read purposively and harmoniously with the third proviso and the SARFAESI framework. On that construction, a reference under SICA is not defeated by any trivial acquisition of secured financial assets by an asset reconstruction company or securitisation company. The operative threshold is 75% of the secured assets, and only acquisition at that level attracts the proviso. A literal reading allowing a minimal acquisition to trigger the provision was rejected as inconsistent with the scheme of revival and rehabilitation and as producing an absurd result. Case-Laws Indian Laws Mon, 22 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194903