https://www.taxtmi.com/caselaws?id=773772 The HC dismissed the petitioner's writ petition seeking to restrain the respondent bank from proceeding under SARFAESI Act against mortgaged property. The petitioner claimed protection based on a resolution plan approved for corporate debtor under IBC, arguing their joint development agreement with the debtor barred bank enforcement. The court held that resolution plans under Section 31 IBC bind only the corporate debtor and its stakeholders, not third parties. The bank, not being party to the resolution plan, retained independent rights to enforce security interests under SARFAESI. The court granted limited interim relief conditioned on petitioner depositing specified amounts in related DRT proceedings. en-us Tue, 04 Feb 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773772 The HC dismissed the petitioner's writ petition seeking to restrain the respondent bank from proceeding under SARFAESI Act against mortgaged property. The petitioner claimed protection based on a resolution plan approved for corporate debtor under IBC, arguing their joint development agreement with the debtor barred bank enforcement. The court held that resolution plans under Section 31 IBC bind only the corporate debtor and its stakeholders, not third parties. The bank, not being party to the resolution plan, retained independent rights to enforce security interests under SARFAESI. The court granted limited interim relief conditioned on petitioner depositing specified amounts in related DRT proceedings. Case-Laws IBC Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773772