Aksh Optifibre Ltd Secures Quashing of Securitisation Action by Union Bank of India

Aksh Optifibre Ltd has successfully secured the quashing of a securitisation action initiated by Union Bank of India. This development comes after the company filed a Securitisation Application before the Hon’ble Debt Recovery Tribunal, Jaipur, where an interim stay was granted. The Hon’ble DRT, Jaipur, has passed an order setting aside the Demand Notice issued under Section 13(2) of the SARFAESI Act, 2002, and the Possession Notice issued under Section 13(4) of the SARFAESI Act, 2002. Consequently, the securitisation action initiated by the Bank stands quashed by the Hon’ble Tribunal.