Where, under Section 13(9) of the

Where, under Section 13(9) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in the case of a sick industrial company having more than one secured creditor or being jointly financed by secured creditors representing 60% or more in value of the amount outstanding as on a record date wish to exercise their rights to enforce their security under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, being inconsistent with the exercise of such rights, will have no play. One of the submissions made by learned counsel for the appellant was that since before taking measures under Section 13(2) of the SARFAESI Act, the so-called secured creditors had not complied with the provisions of Section 13(2) of the SARFAESI Act, and, therefore, it cannot be said to be a case where the secured creditors have taken measures to recover their secured debt in accordance with law.

Test Type	PAID
Total Words	493 Words
Words Per Minutes	120 WPM
Time	25 min