Electrosteel Castings Limited vs Uv Asset Reconstruction Company ...

The Supreme Court upheld the dismissal of the appellant's suit by the Madras High Court, ruling that the suit was barred under Section 34 of the SARFAESI Act, 2002. The court reasoned that the provisions of the SARFAESI Act provide a specific mechanism for addressing grievances related to secured creditors and that the appellant, as a guarantor, could not circumvent this mechanism through a civil suit. Consequently, the appeal was dismissed, affirming the High Court's decision.