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Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

January 1, 2017

Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 Click here

Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

SARFAESI AMENDMENT ACT 2016 Download

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A scheme sanctioned by the Court u/s 391 & 394 of the Companies Act, 1956 was binding on the creditors whether such creditors assented to it or not. A contract between the creditor and the principal debtor by which the creditor compounds with the principal debtor, discharges the surety-Shri Kundanmal Dabriwala Vs. Haryana Financial Corporation and another -Punjab & Haryana High Court

A discharge which the principal debtor may secure by operation of law in bankruptcy or in liquidation proceedings in the case of a company does not absolve the surety of his liability-Maharashtra State Electricity Board, Bombay Vs. Official Liquidator, High Court, Ernakulam, Anr. -Supreme Court

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