Supreme Court of India

International Coach Builders Ltd. v. Karnataka State Financial Corpn.

Neutral citation

Reported as [2003] 2 S.C.R. 631

Bench Ruma Pal and B.N. Srikrishna JJ.

Decided 5 March 2003

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.

4 Supreme Court benches have cited this judgment.

What the Court ordered

In the result, Civil Appeal No. 4702/1994 and Civil appeal No. 4703/ 1994 are allowed and the Karnataka State Finance Corporation is directed to move the Company Court to seek appropriate directions in the matter.

Judgment, page 22

From the headnote

State Financial Corpr,ration Act, 19511 Companies Acr, 1956 -Sections 29 and 468/Sections 433, 529 and 529A-Right a/State Financial Corporation under Section 29 to sell and resell-Exercise of--Without reference to Company Court-When winding up order made against the debtor-Company-Held, State Financial Corporation cannot exercise its power to sell and resell the security without reference of the Court in case of Company in a winding up, in view of pari passu charge of the workmen created by the proviso to Section 529 of Companies Act-The i-ight can be exercised only with the consent of the

Where later benches applied it

2013 Bank of Maharashtra v. Pandurang Keshav Gorwardkar & Ors relied on
2012 Pravin Gada and Another v. Central Bank of India and Others relied on
2015 Laxmi Fibres Ltd. v. Ap. Industrial Dev. Corpn. Ltd. & Ors. referred to
2013 The Official Liquidator, U.P. and Uttarakhand v. Allahabad Bank and Ors. referred to

Of those, 2 relied on · 2 referred to

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