https://www.taxtmi.com/caselaws?id=760126 A registered assignment of a financial asset vested the lender's rights in the assignee under Section 5 of the SARFAESI Act, and the assignee was entitled to be substituted and continue the pending Section 7 proceeding. The deeming effect of Section 5(2) transferred the relevant rights, while Section 5(4) permitted the assignee to prosecute the proceeding already initiated. An objection based on insufficient stamping did not override the statutory consequence of the registered assignment, and the refusal to impound the document or reject substitution was upheld. en-us Tue, 28 May 2024 00:00:00 +0530 Wed, 16 Oct 2024 10:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760126 A registered assignment of a financial asset vested the lender's rights in the assignee under Section 5 of the SARFAESI Act, and the assignee was entitled to be substituted and continue the pending Section 7 proceeding. The deeming effect of Section 5(2) transferred the relevant rights, while Section 5(4) permitted the assignee to prosecute the proceeding already initiated. An objection based on insufficient stamping did not override the statutory consequence of the registered assignment, and the refusal to impound the document or reject substitution was upheld. Case-Laws IBC Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760126