New Delhi, Sept. 3 -- The Kerala High Court has held that an MSME borrower cannot invoke the MSME revival and rehabilitation framework for the first time in subsequent litigation to challenge SARFAESI proceedings when the ground was available but not raised in the initial proceedings.

A Division Bench of Chief Justice Soumen Sen and Justice Syam Kumar V.M. upheld the dismissal of a writ petition filed by Soubhagye Road Builders and its proprietors against recovery proceedings initiated by Canara Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

MSME Protection Raised in Second Round of Litigation

Soubhagye Road Builders claimed MSME status and sought protection under th...