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TMI Blog2005 (7) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... ju And Mr. D.Murugesan, JJ. For Petitioner: Mr.Vijay Narayan, Ms. Narmadha Sampath, Mr.M.R.Raghavan, Mr.Jayesh B Dolia for M/s.Aiyar Dolia, Mr.P.D.Audikesavalu. For Respondent: Mr.K.Rajasekaran, Mr.r.Gnanasekar, Mr.P.D.Audikesavalu, Mr.R.Kannan, Mr.P.S.Seetharaman, Mr.Jayesh B Dolia for M/s.Aiyar Dolia, Mr.G.Vasudevan, Mr.V.Raghupathi, Mr.V.K.Vijayaraghavan. COMMON ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is entertained and disposed of. 2. We have in the judgment in W.P.No.13056 of 2005 etc. batch, decided on 7.7.2005 (M/s.Digivision Electronics Ltd. v. Indian Bank), dealt with various arguments raised by the learned counsels for the petitioners in various cases relating to the Securitisation Act and we have dismissed all those petitions. We are, therefore, not dealing with the arguments which h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n value of the amount outstanding against financial assistance disbursed to the borrower of such secured creditors, have taken any measures to recover their secured debt under sub-section (4) of section 13 of that Act. 5. Learned counsel for the petitioner submitted that the second proviso will only apply where a reference is pending before the Board for Industrial and Financial Reconstruction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the very purpose of the Securitisation Act is for speedy recovery of dues against defaulting borrowers and hence we should taken an interpretation which furthers that object. 7. There is no dispute that more than three-fourth of the secured creditors resolved to take action under the Securitisation Act and gave their consent for that purpose. In our opinion, once a decision has been taken by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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