Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 1959 - s. 29 - Power of Official Liquidator- To adjudicate and quantify the claim C of statutory corporations who have been permitted by the Company Judge to stand outside the liquidation proceeding subject to certain conditions State Financial Corporations Act |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | State Financial Corporations Act, 1959 - s. 29 - Powerof Official Liquidator- To adjudicate and quantify the claim of statutory corporations who have been permitted by theCompany Judge to stand outside the liquidation proceedingsubject to certain conditions - Held: Official Liquidator cannotassume jurisdiction to sit in adjudication and decideentitlement of the financial corporation when it has opted to stand outside the liquidation proceeding as a secured creditor- They will not.be reduced to the status of unsecured creditorsand equally will not be required to prove their debt which theyare entitled to realize under the provisions of the SFC Actsubject to right of the workers to receive their wages also as secured creditors on pari passu basis. |
Judge | Hon'ble Mr. Justice Shiva Kirti Singh |
Neutral Citation | 2015 INSC 552 |
Petitioner | Laxmi Fibres Ltd. |
Respondent | Ap. Industrial Dev. Corpn. Ltd. & Ors. |
SCR | [2015] 8 S.C.R. 829 |
Judgement Date | 2015-08-07 |
Case Number | 5805 |
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