Supreme Court of India · 2021-11-26
ELECTROSTEEL CASTINGS LIMITED vs UV ASSET RECONSTRUCTION COMPANY LIMITED
- Citation / case number
- SC 2021/19593
- Court
- Supreme Court of India
- Petitioner
- ELECTROSTEEL CASTINGS LIMITED
- Respondent
- UV ASSET RECONSTRUCTION COMPANY LIMITED
- Author
- HON'BLE MR. JUSTICE M.R. SHAH
- Bench
- HON'BLE MRS. JUSTICE B.V. NAGARATHNA HON'BLE MR. JUSTICE M.R. SHAH
Judgment text excerpt
The Supreme Court upheld the High Court's dismissal of the appellant's suit, affirming that the suit was barred under Section 34 of the SARFAESI Act, 2002. The court reasoned that the appellant, as a guarantor, could not challenge the actions taken under the SARFAESI Act regarding the recovery of dues. Consequently, the appeal was dismissed, reinforcing the legal framework governing secured creditors and the rights of guarantors in insolvency proceedings.