Supreme Court of India

J. K. (bombay) (p) Ltd. v. New Kaiser-i-hind Spg. & Wvg. Co. Ltd. & Ors. Etc.

Neutral citation

Reported as [1969] 2 S.C.R. 866

Bench J. M. Shelat, V. Bhargava and C. A. Vaidialingam JJ.

Decided 22 November 1968

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

5 Supreme Court benches have cited this judgment.

What the Court ordered

We are of the view that the Appeal Court was right in ordering winding-up of the company and we uphold that order.

Judgment, page 30

From the headnote

Companies Act I of 1956 Ss. 391, 392 & 433-Scheme under s. 391- Scope and nature of-Effect on right of creditors and other parties-On scheme becoming unenforcetible if parties bound to operate it or Company to be wound up-Obligations undertaken by management to 'provide' finance for working company-If· unlimited obligation or only one in coin· 1nercial sense, i.e., with prospect of making profits. Mortgage-Agreed to be executed under scheme in favour of un secured creditors-Not executed at date of winding up-If amounted to charge in presenti in favour of the creditors. On a winding-up

Where later benches applied it

2025 The Cosmos Co. Operative Bank Ltd. v. Central Bank of India & Ors. referred to
2019 M/s Dalmia Power Limited & Anr. v. The Assistant Commissioner of Income Tax Circle 1, Trichy referred to
2013 Haryana Financial Corporation v. Gurcharan Singh & Anr. referred to
2013 M/s. Integrated Finance Co. Ltd. v. Reserve Bank of India Etc. Etc. referred to
2019 Moons Technologies Ltd. (formerly Known as Financial Technologies India Ltd.) & Ors. v. Union of India not applicable

Of those, 4 referred to · 1 not applicable

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