Supreme Court of India
M/s Kut Energy Pvt. Ltd. & Ors. v. The Authorized Officer, Punjab National Bank, Large Corporate Branch, Ludhiana & 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
We are of the view that the prayer made by the borrower/guarantors for refund of the amount is liable to be turned down and we order accordingly.
Judgment, page 6
From the headnote
Securitisation and Reconstruction of Financial Asse ts and Enforcement of Securities Interest Act, 2002: s. 13 (2) – Security interest – Enforcement of, in favour of secured cre ditor – Held: ‘Secured creditor’ would be entitled to proceed onl y against the ‘secured assets’ mentioned in the notice u/s. 13(2) – On facts, in loan settlement, debtor deposited Rs.40 crores in terms of the order of the High Court only to show his bona fides when a revised off er was made by them – Deposit was not towards satisfact ion of the debt in question and that is why the High Court had direc ted that the
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