Supreme Court of India

Suzuki Parasrampuria Suitings Pvt. Ltd. v. The Official Liquidator of Mahendra Petrochemicals Ltd. (in Liquidation) and Others

Neutral citation

Reported as [2018] 12 S.C.R. 906

Bench Ranjan Gogoi, Na Vin Sinha and K.M. Joseph JJ.

Decided 8 October 2018

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

In view of the aforesaid provisions contained in the SARFAESI Act, I am of the view that when the applicant company is not a bank or banking or financial institution or securitization company or reconstruction company , the applicant cannot be permitted to be substituted in place of IFCI as secured creditor for the purpose of SARF AESI Act.

Judgment, page 6

From the headnote

Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Inter est Act, 2002 – Company Petition filed for winding up of one M/s. MPL – M/s. MPL was also r eferred for r ehabilitation to the Boar d for Industrial and Financial Reconstruction (BIFR) – During pendency of the same, without permission or knowledge of the BIFR, M/s. MPL enter ed into an MOU with the sister concern of the appellant for leasing out its properties to the appellant for 20 years for r epayment of its debt – Industrial Finance Corporation of India Ltd. (IFCI) was secur ed creditor of M/s. MPL

Authorities it was built on

2011 The Joint Action Commitiee of Airlines Pilots Associations of India & Ors. v. The Director General of Civil Aviation & Ors. cited by 9
2011 Amar Singh v. Union of India & Ors. cited by 8

Where later benches applied it

2021 Adani Gas Limited v. Union of India & Ors. relied on
2020 Jaipur Vidyut Vitaran Nigam Ltd. & Ors. v. Adani Power Rajasthan Limited & Anr. relied on
2025 Sanjit Singh Salwan & Ors. v. Sardar Inderjit Singh Salwan & Ors. referred to
2024 M/s Bharti Airtel Limited v. A.S. Raghavendra referred to
2019 Union of India v. Association of Unified Telecom Service Providers of India Etc.etc. referred to

Of those, 2 relied on · 3 referred to

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.