Supreme Court of India

Icici Bank Limited v. Official Liquidator of Aps Star Industries Ltd. and Ors.

Neutral citation

Reported as [2010] 12 S.C.R. 644

Bench S.H. Kapadia and Swatanter Kumar JJ.

Decided 30 September 2010

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

In view of the above exposition of law, we find that under the impugned Deed of Assignment only the Account- C Receivables in the books of ICICI Bank Ltd. has been transferred to Kotak Mahindra Bank Ltd.

Judgment, page 47

From the headnote

Banking Regulation Act, 1949 - Enactment of - Object and purpose - Discussed - Provisions of the Act analysed. Banking Regulation Act, 1949 - ss.6, 8, 9, 21 and 35A - RBI Guidelines dated 13th July, 2005 - Deed providing for assignment of debts - Non-Performing Assets (NPAs) - Held: Dealing in NPAs as part of the Credit Appraisal Mechanism and as a part of Restructuring Mechanism falls within Section 21 rlw Section 35A of the Act - Hence, it cannot be said that "transfer of debts!NPAs" inter se between banks is an activity which is impermissible under the Act - Consequently, on facts, the

Where later benches applied it

2020 Internet and Mobile Association of India v. Reserve Bank of India relied on
2022 Small Industries Development Bank of India v. M/s. Sibco Investment Pvt. Ltd. referred to
2020 Pandurang Ganpati Chaugule v. Vishwasrao Patil Murgud Sahakari Bank Limited referred to
2019 Dharani Sugars and Chemicals Ltd. v. Union of India & Ors. referred to
2015 Keshavlal Khemchandand Sons Pvt. Ltd. & Others v. Union of India & Others referred to
2012 Kotak Mahindra Bank Ltd. v. Hindustan National Glass & Ind. Ltd. and Ors. mentioned

Of those, 1 relied on · 4 referred to · 1 mentioned

Sign in free to read it

The full judgment, page by page, as published in the Supreme Court Reports
The ratio: what the Court held, verbatim, with the page it sits on
Every bench that relied on it, and every bench that argued against it
Search every reported judgment, by party, citation or question
Download the PDF, copy pinpoint citations ready for a filing

An email address, no password.