Dismissing a petition in Tamilnadu Organic Private Ltd and Ors v State Bank of India, Madras High Court ruled that procedures followed in the e-auction of secured assets are not expressly prohibited by either the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or the Security Interest (Enforcement) Rules, 2002.
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
