Defaulter Cannot Initiate Criminal Proceedings Against Creditor/Auction Purchaser Under SARFAESI: Allahabad HC

In a significant legal precedent, the Allahabad High Court has rendered a landmark judgment quashing a First Information Report (FIR) lodged against the petitioners in a civil dispute, while upholding the validity of proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The case involved

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