https://www.taxtmi.com/highlights?id=79758 The writ petition challenging notices u/ss 13(2) and 13(4) of the SARFAESI Act, 2002, including alleged arbitrary action for non-compliance with a letter of arrangement dated June 28, 2021, was filed after issuance of the Section 13(4) notice. The Supreme Court in Phoenix ARC held that writ petitions against proposed action u/s 13(4) are an abuse of process due to the efficacious statutory remedy of appeal u/s 17. The Supreme Court in Baghora Polylab held that a contract may be discharged by parties entering into a new contract or accepting modified obligations. Here, the respondent executed documents per the November 11, 2021 letter of arrangement, constituting a new contract substituting the original June 28, 2021 restructuring letter. Th..... en-us Sat, 27 Jul 2024 08:31:50 +0530 Sat, 27 Jul 2024 08:31:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79758 The writ petition challenging notices u/ss 13(2) and 13(4) of the SARFAESI Act, 2002, including alleged arbitrary action for non-compliance with a letter of arrangement dated June 28, 2021, was filed after issuance of the Section 13(4) notice. The Supreme Court in Phoenix ARC held that writ petitions against proposed action u/s 13(4) are an abuse of process due to the efficacious statutory remedy of appeal u/s 17. The Supreme Court in Baghora Polylab held that a contract may be discharged by parties entering into a new contract or accepting modified obligations. Here, the respondent executed documents per the November 11, 2021 letter of arrangement, constituting a new contract substituting the original June 28, 2021 restructuring letter. Th..... Highlights Indian Laws Sat, 27 Jul 2024 08:31:50 +0530 https://www.taxtmi.com/highlights?id=79758