https://www.taxtmi.com/caselaws?id=306377 An assignee of a financial asset cannot seek substitution in, or enforcement of, a prior Section 14 SARFAESI order if the assignment occurs after that order was already passed. Section 5(4) applies only where, on the date of acquisition, a suit, appeal, or other proceeding relating to the asset is already pending by or against the bank or financial institution. Because no proceeding was pending when the asset was acquired, the assignee could not claim the benefit of substitution in the earlier order. The proper course is to file a fresh Section 14 application in its own name; the impugned order was quashed and the petitioner was directed accordingly. en-us Tue, 12 Oct 2021 00:00:00 +0530 Tue, 24 Jan 2023 19:59:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306377 An assignee of a financial asset cannot seek substitution in, or enforcement of, a prior Section 14 SARFAESI order if the assignment occurs after that order was already passed. Section 5(4) applies only where, on the date of acquisition, a suit, appeal, or other proceeding relating to the asset is already pending by or against the bank or financial institution. Because no proceeding was pending when the asset was acquired, the assignee could not claim the benefit of substitution in the earlier order. The proper course is to file a fresh Section 14 application in its own name; the impugned order was quashed and the petitioner was directed accordingly. Case-Laws Indian Laws Tue, 12 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306377