https://www.taxtmi.com/caselaws?id=755233 Proceedings under the Recovery of Debts and Bankruptcy Act, 1993 may continue alongside measures under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 because the two statutes provide cumulative and complementary remedies. The doctrine of election does not apply, as the enactments operate in different fields and the enforcement mechanism under the security interest law does not bar adjudicatory recovery proceedings. Sections 35 and 37 preserve the security interest law's overriding effect only to the extent of inconsistency and confirm that it operates in addition to other laws. The writ challenge to the recovery action was therefore not maintainable and was rejected. en-us Wed, 10 Apr 2024 00:00:00 +0530 Mon, 08 Jul 2024 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755233 Proceedings under the Recovery of Debts and Bankruptcy Act, 1993 may continue alongside measures under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 because the two statutes provide cumulative and complementary remedies. The doctrine of election does not apply, as the enactments operate in different fields and the enforcement mechanism under the security interest law does not bar adjudicatory recovery proceedings. Sections 35 and 37 preserve the security interest law's overriding effect only to the extent of inconsistency and confirm that it operates in addition to other laws. The writ challenge to the recovery action was therefore not maintainable and was rejected. Case-Laws Indian Laws Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755233