2005 (7) TMI 698

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....2005<br>W.P. No. 4481 of 2005 and 32594 of 2003 - -<br>Indian Laws<br>Mr.Markandey Katju And Mr. D.Murugesan, JJ. For Petitioner: Mr.Vijay Narayan, Ms. Narmadha Sampath, Mr.M.R.Raghavan, Mr.Jayesh B Dolia for M/s.Aiyar & Dolia, Mr.P.D.Audikesavalu. For Respondent: Mr.K.Rajasekaran, Mr.r.Gnanasekar, Mr.P.D.Audikesavalu, Mr.R.Kannan, Mr.P.S.Seetharaman, Mr.Jayesh B Dolia for M/s.Aiyar & Dolia,....

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....ellate Authority for Industrial & Financial Reconstruction, New Delhi (R-1) is entertained and disposed of. 2. We have in the judgment in W.P.No.13056 of 2005 etc. batch, decided on 7.7.2005 (M/s.Digivision Electronics Ltd. v. Indian Bank), dealt with various arguments raised by the learned counsels for the petitioners in various cases relating to the Securitisation Act and we have dismissed al....

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....ll abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act." 5. Learned counsel for the petitioner submitted that the second proviso will only apply where a refer....

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....hing which is not mentioned can be implied by necessary implication. Moreover, the very purpose of the Securitisation Act is for speedy recovery of dues against defaulting borrowers and hence we should taken an interpretation which furthers that object. 7. There is no dispute that more than three-fourth of the secured creditors resolved to take action under the Securitisation Act and gave their....