https://www.taxtmi.com/caselaws?id=458428 A court may grant interim relief under Section 9 of the Arbitration and Conciliation Act, 1996 in relation to a secured asset even when the bank is not a party to the arbitration agreement, if the arrangement protects the secured creditor's realised dues and leaves the inter se dispute over the surplus for arbitration or civil proceedings. Where the property value exceeds the admitted bank claim and no party is prejudiced, the secured asset may be sold, the bank's dues and sale expenses satisfied from the proceeds, and the surplus preserved in short-term deposits pending adjudication of the family dispute. en-us Wed, 24 Jan 2018 00:00:00 +0530 Sat, 26 Oct 2024 19:28:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458428 A court may grant interim relief under Section 9 of the Arbitration and Conciliation Act, 1996 in relation to a secured asset even when the bank is not a party to the arbitration agreement, if the arrangement protects the secured creditor's realised dues and leaves the inter se dispute over the surplus for arbitration or civil proceedings. Where the property value exceeds the admitted bank claim and no party is prejudiced, the secured asset may be sold, the bank's dues and sale expenses satisfied from the proceeds, and the surplus preserved in short-term deposits pending adjudication of the family dispute. Case-Laws Indian Laws Wed, 24 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458428