The Supreme Court has dismissed an appeal filed by the North Eastern Development Finance Corporation Ltd. (NEDFI), ruling that the Corporation could not invoke the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) against a borrower in Nagaland as no valid “security interest” was created
SARFAESI Act Inapplicable Where No Valid “Security Interest” is Created in Favour of Lender; SC Upholds Quashing of Recovery Proceedings in Nagaland Case
