https://www.taxtmi.com/caselaws?id=419377 Pendency of a challenge under the SARFAESI Act does not, by itself, bar or stay proceedings under Section 7 of the Insolvency and Bankruptcy Code. The Tribunal noted that the Supreme Court's earlier order only permitted the appellant to pursue Section 17 remedies and did not affect the maintainability or continuance of the insolvency application. Questions on existence of financial debt, default, and the validity of assignment were held to be matters for determination within the Section 7 proceedings themselves, not grounds to keep those proceedings in abeyance. The request to stay the insolvency case was therefore rejected. en-us Wed, 09 Mar 2022 00:00:00 +0530 Wed, 09 Mar 2022 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419377 Pendency of a challenge under the SARFAESI Act does not, by itself, bar or stay proceedings under Section 7 of the Insolvency and Bankruptcy Code. The Tribunal noted that the Supreme Court's earlier order only permitted the appellant to pursue Section 17 remedies and did not affect the maintainability or continuance of the insolvency application. Questions on existence of financial debt, default, and the validity of assignment were held to be matters for determination within the Section 7 proceedings themselves, not grounds to keep those proceedings in abeyance. The request to stay the insolvency case was therefore rejected. Case-Laws Insolvency and Bankruptcy Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419377