Supreme Court Quashes High Court's Interim Order in SARFAESI Act Case as Writ Petition Against Private Asset Reconstruction Company Not Maintainable. The Court held that writ jurisdiction under Article 226 of the Constitution of India does not lie against a private ARC, and the proper remedy is an appeal under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002.
12 Jan 2022The dispute arose from writ petitions filed by borrowers, Vishwa Bharati Vidya Mandir and St. Ann's Education Society, against Phoenix ARC Private Lim...
