Supreme Court of India
National Spot Exchange Limited v. Union of India & 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 above position of law settled by the Constitution Bench, it is held that considering the pith and substance of the State and the Central Legislations in question, the Central Legislations 302 [2025] 7 S.C.R. Supreme Court Reports i.e., SARFAESI Act or RDB Act cannot be permitted to prevail over the State Legislation i.e., MPID Act, merely because the Central Legislations are enacted by the Parliament.
Judgment, page 50
From the headnote
Issue for Consideration Whether the Secured creditors would have priority of interest over the assets attached under the Provisions of Prevention of Money Laundering Act, 2002, (PMLA) and Maharashtra Protection of Investors and Depositors Act, 1999 (MPID Act), by virtue of the provisions of SARFAESI Act, 2002 and RDB Act, 1993; whether the properties of the Judgment Debtors and Garnishees attached under the Provisions of MPID Act, 1999 would be available for the execution of the decrees against Judgment Debtors in view of the Provision of Moratorium under Section 14 of the IBC, 2016.
Authorities it was built on
- 1994 S.R. Bommai v. Union of India and Ors.
- 1994 Kartar Singh v. State of Punjab
- 1991 K. Veeraswami v. Union of India and Others
- 1998 Supreme Court Bar Association v. Union of India
- 2017 M/s. Innoventive Industrles Ltd. v. Icici Bank & Anr.
- 2010 State of West Bengal & Ors. v. The Committee for Protection of Democratic Rights, West Bengal & Ors
- 1954 Zaverbhai Amaidas v. The State of Bombay
- 1983 Hoechst Pharmaceuticals Ltd. and Another Etc. v. State of Bihar and Others
- 2004 Mardia Chemicals Ltd. Etc. Etc. v. Union of India and Ors. Etc. Etc.
- 2004 The State of West Bengal and Ors. v. Kesoram Industries Ltd. and Ors.
- 2023 Shilpa Sailesh v. Varun Sreenivasan
- 2002 I.T.C. Limited v. Agricultural Produce Market Committee and Ors.
- 2011 Rajiv Sarin & Anr. v. State of Uttarakhand & Ors.
- 2002 Union of India and Anr. v. Delhi High Court Bar Association and Ors.
- 2011 K.K. Baskaran v. State Rep. by its Secretary, Tamil Nadu & Ors.
- 2022 The State of Maharashtra v. 63 Moons Technologies Ltd.
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