In Brief
M. Waseeq Cafetaria and other petitioners challenged the bank's recovery steps under the SARFAESI Act regarding unpaid dues. The Supreme Court found that the only remaining dispute was the amount of interest payable, which was subject to pending arbitration under the Multi-State Cooperative Societies Act, 2002. The Court directed suspension of SARFAESI proceedings and instructed the arbitrator to pass a final award within one month, after which aggrieved parties could seek revision. The writ petitions were disposed of accordingly.
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