If the requiisite consent of other secured creditors is not forthcoming or is refused what is the recourse available to the Bank ?
Ordinarily the requisite consent should not be refused or withheld by any Bank/FI but if for any reason it is so refused by any of the secured creditor then the other lenders will not be entitled to take action under section 13(4) of the Act for want of 75% or more of share amongst the secured creditors. In such case, suit has to be filed in DRT/Court.
