https://www.taxtmi.com/caselaws?id=432497 The Supreme Court held that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) prevails over the Micro, Small and Medium Enterprises Development Act (MSMED Act) in recovery proceedings. The Court emphasized that the SARFAESI Act provides priority to debts due to secured creditors, unlike the MSMED Act. Additionally, the Court ruled that the Naib Tehsildar's refusal to take possession of secured assets under SARFAESI Act due to pending recovery certificates under MSMED Act was without jurisdiction. The Supreme Court set aside the Division Bench's decision and restored the Single Judge's judgment, allowing the appeal with no costs. en-us Thu, 05 Jan 2023 00:00:00 +0530 Tue, 24 Feb 2026 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432497 The Supreme Court held that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) prevails over the Micro, Small and Medium Enterprises Development Act (MSMED Act) in recovery proceedings. The Court emphasized that the SARFAESI Act provides priority to debts due to secured creditors, unlike the MSMED Act. Additionally, the Court ruled that the Naib Tehsildar's refusal to take possession of secured assets under SARFAESI Act due to pending recovery certificates under MSMED Act was without jurisdiction. The Supreme Court set aside the Division Bench's decision and restored the Single Judge's judgment, allowing the appeal with no costs. Case-Laws Indian Laws Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432497