https://www.taxtmi.com/caselaws?id=197314 A pending appeal before the Appellate Authority for Industrial and Financial Reconstruction is treated as a continuation of the original proceeding, so the second proviso to Section 15(1) of the Sick Industrial Companies Act can operate even at the appellate stage when securitisation measures are taken. The Court also held that consent of secured creditors representing not less than three-fourths in value to proceed under the securitisation framework constitutes a measure for recovery of secured debt under Section 13(4) of the 2002 Act. In that situation, the borrower must pursue the statutory remedy under Section 17 rather than seek writ interference. en-us Tue, 19 Jul 2005 00:00:00 +0530 Tue, 02 Jan 2018 18:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197314 A pending appeal before the Appellate Authority for Industrial and Financial Reconstruction is treated as a continuation of the original proceeding, so the second proviso to Section 15(1) of the Sick Industrial Companies Act can operate even at the appellate stage when securitisation measures are taken. The Court also held that consent of secured creditors representing not less than three-fourths in value to proceed under the securitisation framework constitutes a measure for recovery of secured debt under Section 13(4) of the 2002 Act. In that situation, the borrower must pursue the statutory remedy under Section 17 rather than seek writ interference. Case-Laws Indian Laws Tue, 19 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197314