Supreme Court of India
Ksl & Industries Ltd. v. Mis Arihant Threads 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.
5 Supreme Court benches have cited this judgment.
What the Court ordered
For the aforesaid reasons, I hold that the High Court has committed an error of law in invoking and applying provisions of Section 22 of SICA and in dropping proceedings against the Company.
Judgment, page 50
From the headnote
Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Ss. 19, 20, 30, 34(1) & (2)/Sick Industrial c Companies (Special Provisions) Act, 1985; s. 22: Joint Venture Company - Recovery of Joan from company by Industrial Development Bank of India - Debt Recovery Tribunal passed ex-parte final order in favour of IDBI - Fixation of reserve price of property of the Company - Challenged by the company by filing appeal No.52 of 2004 - Auction of movable and immovable property - Appellant was declared highest and successful bidder- Company filing an application in the· pending appeal for
Authorities it was built on
- 2006 M/s Transcore v. Union of India and Anr.
- 1990 Sanwarmal Kejriwal v. Vishwa Cooperative Housing Society Ltd. & Ors.
- 1989 Pandurang Ramchandra Mandlik (since Dead) by His Lrs. and Anr. v. Smt. Shantabai Ramchandra Ghatge and Ors.
- 1997 Deputy Commercial Tax Officer and Ors. v. Corromandal Pharmaceuticals and Ors.
Where later benches applied it
- 2012 Tara Chand & Ors. v. Gram Panchayat Jhupa Khurd & Ors.
- 2023 K. C. Ninan v. Kerala State Electricity Board & Ors.
- 2021 Forum for People’s Collective Efforts (fpce) & Anr. v. The State of West Bengal & Anr.
- 2019 Pioneer Urban Land and Infrastructure Limited & Anr. v. Union of India & Ors.
- 2016 M/s Madras Petrochem Ltd. & Anr v. Bifr& Ors.
Of those, 1 referred to · 4 mentioned
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