Suzuki Parasrampuria Suitings Pvt. ... vs The Official Liquidator Of Mahendra ...

The Supreme Court upheld the decision of the Company Judge which denied the appellant's application for substitution as a secured creditor under the SARFAESI Act, stating that the appellant did not qualify as a bank or financial institution as defined under the Act. The Court clarified that the appellant could not benefit from Section 130 of the Transfer of Property Act for substitution purposes. The appeal was dismissed, affirming the lower court's ruling that the appellant's claim as a transferee of an actionable claim was not valid in the context of the SARFAESI Act.