Petition Attempts to Shift SARFAESI Proceedings to Pre-Packaged Insolvency under IBC, Seen as Delaying Tactic.

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....Writ petition - Seeking Pre-Packaged Insolvency Resolution Process under the IBC instead of proceeding under the SARFAESI Act - It appears that this writ petition is directed solely as a ploy to delay the further proceedings initiated under the SARFAESI Act which has already been initiated against the petitioner. The SARFAESI Act is a complete code in itself and it has statutory Authorities prescribed for redressal of grievances raised by the petitioner in the writ petition. - HC....