The Supreme Court today transferred to itself more cases from the Bombay and Rajasthan high courts challenging the validity of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The final hearing is scheduled to start next week.
Earlier, a batch of cases was transferred from other high courts to the apex court.
Although, the financial institutions were allowed to take over the assets of the defaulting companies, they were, however, prevented from disposing them of till the petitions are finally decided.
One of the leading companies that had challenged the takeover of its assets by the ICICI Bank was Mardia Chemicals of Gujarat.
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