https://www.taxtmi.com/caselaws?id=458384 An assignee of a bank's financial asset under SARFAESI acquires the bank's rights in relation to that asset and may continue pending proceedings connected with it, including a complaint under the Negotiable Instruments Act. Section 5 is stated to vest in the assignee all rights of the bank and to preserve pending proceedings relating to the financial asset so they may continue by or against the assignee. On that basis, substitution of the assignee as complainant was upheld, and the assignee was treated as having the legal interest necessary to prosecute the dishonoured cheque complaint. en-us Mon, 09 Apr 2012 00:00:00 +0530 Thu, 24 Oct 2024 19:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458384 An assignee of a bank's financial asset under SARFAESI acquires the bank's rights in relation to that asset and may continue pending proceedings connected with it, including a complaint under the Negotiable Instruments Act. Section 5 is stated to vest in the assignee all rights of the bank and to preserve pending proceedings relating to the financial asset so they may continue by or against the assignee. On that basis, substitution of the assignee as complainant was upheld, and the assignee was treated as having the legal interest necessary to prosecute the dishonoured cheque complaint. Case-Laws Indian Laws Mon, 09 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458384