https://www.taxtmi.com/caselaws?id=459310 A later merger does not, by itself, bring an earlier loan transaction within the SARFAESI recovery regime if the transaction was outside that regime at inception. The text treats SARFAESI as a substantive recovery framework and states that it cannot be applied retrospectively to impose a more onerous remedy on the borrower without consent. It also notes that where an arbitration clause has already been invoked and Section 9 proceedings are pending, parallel SARFAESI enforcement on the same loan dispute is impermissible on the facts discussed, so the recovery action was set aside while leaving other remedies open. en-us Tue, 04 Feb 2014 00:00:00 +0530 Mon, 09 Dec 2024 11:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459310 A later merger does not, by itself, bring an earlier loan transaction within the SARFAESI recovery regime if the transaction was outside that regime at inception. The text treats SARFAESI as a substantive recovery framework and states that it cannot be applied retrospectively to impose a more onerous remedy on the borrower without consent. It also notes that where an arbitration clause has already been invoked and Section 9 proceedings are pending, parallel SARFAESI enforcement on the same loan dispute is impermissible on the facts discussed, so the recovery action was set aside while leaving other remedies open. Case-Laws Indian Laws Tue, 04 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459310