Recoveries under SARFAESI for secured assets prevail over recoveries under MSMED Act: Supreme Court

The Court reiterated that among two statutes, if one has a non-obstante clause, that means that the legislature wanted the same to prevail over the other.
Justices MR Shah and Krishna Murari
Justices MR Shah and Krishna Murari

The Supreme Court on Thursday held that recoveries under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act towards secured assets would prevail over recoveries under the Micro, Small and Medium Enterprises Development (MSMED) Act mandated by awards decreed by the Facilitation Council. (Kotak Mahindra Bank Limited v. Girnar Corrugators Private Limited)

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