CIRP Initiation Unaffected by Ongoing SARFAESI Proceedings; Financial Creditors Can Proceed Under Insolvency and Bankruptcy Code.

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Full Text of the Document

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....Initiation of CIRP - It is a settled legal position that the pendency of SARFAESI proceeding or other dispute does not prevent a Financial Creditor to trigger the CIRP because the nature of remedy being sought for under the provisions of the IB Code is “Remedy in Rem” in respect of the CD - Tri....