Supreme Court of India
Swaraj Infrastructure Pvt. Ltd. v. Kotak Mahindra Bank Ltd.
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.
1 Supreme Court bench has cited this judgment.
What the Court ordered
We are of the view that both the judgments contained in Amalgamated Commercial Traders (supra) as well as in Harinagar Sugar Mills (supra), recognize the fact that a winding up proceeding is not a proceeding that can be referred to as a proceeding for realization of debts and would, therefore, not be covered by the language of Section 17 read with Section 18 of the Recovery of Debts Act.
Judgment, page 14
From the headnote
Companies Act, 1956: ss. 439, 434(1)(a) and (1)(b), 441(2) and 529 – Winding up petition – By the secured creditor/respondent-Bank, after obtaining decree from Debts Recovery Tribunal and a recovery certificate based thereon – Maintainability of the petition – P lea of debtor companies inter alia that the petition was barred by provisions in s.17 r/w. s.18 of Recovery of Debts Act; that the creditor mus t either relinquish its security and stand in line in winding up proceeding or realize its security outside the winding up proceed ing; and that in the present case s.434(1)(b) would be
Authorities it was built on
Where later benches applied it
Of those, 1 referred to
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