M/S M. WASEEQ CAFETARIA vs UNION OF INDIA

The Supreme Court directed that the respondent-Bank should not continue proceedings under the SARFAESI Act while an arbitration under the Multi-State Cooperative Societies Act, 2002 is pending regarding the interest payable by the petitioners. The Court emphasized that the Arbitrator must pass a final award within one month, and the aggrieved party retains the right to seek revision under Section 34 of the Act. The Court disposed of the writ petitions while leaving all contentions open for future consideration.