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1 - 6 of 6 (0.60 seconds)Phoenix Arc Private Limited vs Vishwa Bharati Vidya Mandir on 12 January, 2022
11. Mr. Nayar, learned Senior Counsel appearing on behalf of the
Appellants inter alia contends that the impugned order is without
jurisdiction inasmuch as action under Section 13(4) of the SARFAESI Act
can only be challenged under Section 17(1) of the said Act before the Debts
Recovery Tribunal ('DRT'), who has the 'exclusive' jurisdiction to test its
validity. Once DRT approves the action taken by the Secured Creditor under
Section 13(4) of SARFAESI Act, the Secured Creditor cannot be restrained
from taking recourse to recover the secured debt under any other law for the
time being in force, including any remedy under the Arbitration and
Conciliation Act, 1996 ('A&C Act'). Section 34 of SARFAESI Act bars the
jurisdiction of the Civil Court, it is contended and in support of the
proposition that no other Court can interdict the Sale Notice, reliance is
placed on a recent judgement of the Supreme Court in Phoenix ARC Pvt.
Ltd. v. Vishwa Bharti Vidya Mandir & Ors., 2022 (5) SCC 345, more
particularly paragraphs 16, 18 and 21 thereof.
The Arbitration And Conciliation Act, 1996
Section 9 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 [Entire Act]
Section 17 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 [Entire Act]
Section 34 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 [Entire Act]
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