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Supreme Court of India

Mardia Chemicals Ltd. Etc. Etc. v. Union of India and Ors. Etc. Etc.

Neutral citation
Reported as [2004] 3 S.C.R. 982
Bench V.N. Khare, Brijesh Kumar and Arun Kumar JJ.
Decided 8 April 2004

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.

33 Supreme Court benches have cited this judgment.

What the Court ordered

We hold that the borrowers would get a reasonably fair deal and opportunity to get the matter adjudicated upon before the Debt Recovery Tribunal.

Judgment, page 56

From the headnote

Securitisation and Reconstruction of Financial Assets and Enforcement I of Security Interest Act, 2002: + c Validity of the Act-Held: Act enacted for speedier recovery of dues declared as Non performing Assets, better availability of capital liquidity and economic growth of the country-Though some of the provisions have harsh effect on borrowers but they get reasonable protection under the Act-Hence, Act constitutionally valid except sub-section (2) of section 17-Constitution of India, I950-Artic/e 14. Enactment of Act of 2002 for securitisation of debts and faster recovery of Non performing

Authorities it was built on

Where later benches applied it

Of those, 7 relied on · 1 distinguished · 17 referred to · 8 mentioned

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