SARFAESI Act Prevails Over FEMA: Karnataka High Court Quashes ED’s Seizure Order

In a significant ruling, the Karnataka High Court has held that the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) will override the provisions of the Foreign Exchange Management Act (FEMA). The case, titled Canara Bank v. Commissioner of Customs & Others (Writ Petition No. 10895

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