Swadeshi Cement Limited (M/s.) & Anr. vs. M/s. Asset Care Enterpirse Ltd. & Ors.

Sick Industrial Companies (Special Provisions) Act, 1985–Sec. 15(1), Proviso–Securitisation & Re-construction of Financial Assests & Enforcement of Security Interest Act, 2002–Sec. 13–Scope–As per proviso to Sec. 15(1), on or after the commencement of the SARFAESI Act, where reference is pending before BIFR, such reference shall abate if the secured creditors representing not less than three-fourth value of the amount outstanding against financial assistance disbursed to the borrower of such creditor have taken any measures to recover their secured debt u/s. 13(4) of SARFAESI Act–The abatement would follow as necessary consequence under the law where the secured creditors represent not less than three-fourth of the amount outstanding.