Supreme Court of India
The Maharashtra State Co-operative Bank Ltd.v. Babulal Lade & Ors. v. Babulal Lade & 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.
What the Court ordered
In view of the foregoing discussion, we summarize our findings as follows: (i) Section 529A of the Companies Act, which gives workers’ dues a priority over all other debts, cannot be applied to the instant case in view of Section 167 of the Societies Act.
Judgment, page 19
From the headnote
Securitisation and Reconstruction of Financial Asse ts and Enforcement of Security Interest Act, 2002: s.13(7) – Whether employees dues can take precedence over the claim o f secured creditor – In the instant case, respondent no.6-Societ y (Karkhana) obtained credit facilities from appellant-Bank and mortgaged its properties in return – Default in repayment of loan amount – Recovery proceedings by appellant-Bank under s.13(2 ) against Karkhana – Owing to its poor financial condition, Karkhana issued notice to the employees to proceed on leave without pay – Representatives of the
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