Supreme Court of India
Central Bank of India v. Siriguppa Sugars & Chemicals Ltd. & 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.
6 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that the appellant as the pawnee, is entitled to the amount in satisfaction of its debt to secure which, the goods had been pawned and to appropriate the sale proceeds towards the debt due and only if there is surplus, to make it E available for disbursal to the Cane ·Commissioner and to the Labour Commissioner.
Judgment, page 11
From the headnote
Contract Act, I872-Sections 173 and 176-Rights of pawnee on sale .-;;f proceeds of pawned goods-Sugar Company obtained loan from Bank-pawnee c by pledging stocks of sugar and loan not repaid-Interim order by High Court directing disbursal of certain amounts realised on sale proceeds for satisfying claim of cane growers and employees of the Company-Interference with-Held: Pawnee has right to retain goods pledged for payment of debt including interest on debt and all necessary expenses incurred by it-Rights of the bank as pawnee over pawned sugar prevailed over the claims of cane growers and
Authorities it was built on
Where later benches applied it
- 2022 Punjab National Bank v. Union of India & Ors.
- 2016 Sahyadri Co-operative Credit Society Ltd. v. The State of Maharashtra and Others
- 2009 Maharashtra State Co-operative Bank Ltd. v. The Assistant Provident Fund Commissioner and Ors.
- 2009 Central Bank of India v. State of Kerala and Ors.
- 2008 Union of India & Ors. v. Sicom Ltd. & Anr.
- 2013 General Manager, Karnataka State Financial Corporation v. General Secretary, Mysore Division Industrial Workers General Union and Ors.
Of those, 1 distinguished · 1 referred to · 4 mentioned
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