Provisions of section 18 of SARFAESI are constitutionally valid: Madras High Court

COMPANY LAW/SARFAESI : In view of fact that pre-deposit provision i.e. second and third proviso in section 18 is applicable only to 'borrowers' as defined in Act and, moreover, DRAT is vested direction to reduce such pre-deposit to not less than 25 per cent of debt, said provision cannot be said to be arbitrary, onerous or unreasonable and, therefore, petition challenging constitutional validity of said provisions, was to be dismissed

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