INDIABULLS HOUSING FINANCE LTD. vs M/S DECCAN CHRONICLE HOLDINGS LTD

The Supreme Court upheld the High Court's decision that Indiabulls Housing Finance Limited could not initiate proceedings under the SARFAESI Act due to the prior loan agreements being executed by Indiabulls Financial Services Limited, which was not a financial institution as defined under Section 2(d) and (m) of the SARFAESI Act. The Court affirmed that the appellant, as a successor-in-interest, could not inherit the right to enforce the SARFAESI Act provisions, thereby protecting the substantive rights of the respondents under Sections 69 and 69A of the Transfer of Property Act, 1882. Consequently, the appeal was dismissed, maintaining the High Court's ruling.