Daily Current Affairs · 2026-10-03
Economy
Hard · SARFAESI Act and secured creditor recovery safeguards
Consider the following statements regarding the Supreme Court's ruling in Sterling Holiday Resorts Limited vs M/s P.M. Associates (2026), which set aside a SARFAESI auction of a resort in Ooty:
1. The auction sale was held to be invalid partly because a bid was received while a Debts Recovery Appellate Tribunal restraint order was in force.
2. The sale certificate had been issued to a partnership firm that did not exist on the date fixed for the auction.
3. The Court held that a confirmed auction sale can never be set aside once it has been judicially confirmed by a High Court.
How many of the above statements are correct?