Supreme Court of India
United Bank of India v. The Official Liquidator and Ors.
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.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the view that the High Court ought to have appreciated that it was rather unlikely that the party who had the benefit of onerous covenants would apply for disclaimer and ought to have viewed the Official D Liquidator's application to disclaim made pursuant to the Trust's letter to him in that behalf in that light.
Judgment, page 10
From the headnote
Cdmpanies Act, 1956, Section 535-lntent and meaning of-To protect the creditors of the company in liquidation-Onerous covenants imposing heavy burden upon company-Court to satisfy itself about the existence of c such covenants before granting leave to disclaim them-Purchaser claiming dinnmition in price on ground of defect in title or description of property-Not to be allowed--Official liquidator sells property under orders of court-He does not hold out any guarantee or warranty in respect of such property The appellant-Bank filed a suit against a company in liqudation for a decree in the sum
Where later benches applied it
- 2023 Official Liquidator v. Ujjain Nagar Palika Nigam & Ors
- 2009 Haryana Financial Corporation & Anr. v. Rajesh Gupta
Of those, 1 distinguished · 1 not applicable
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