NDLI: Indiabulls Housing Finance Limited Vs. M/s. Deccan Chronicle Holdings Limited and Others

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Securitisation and Reconstruction of Financial Assests and Enforcement of Security Interest Act 2002
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 Referred Case 4 Referred Case 5 Referred Case 6 Referred Case 7
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Securitisation and Reconstruction of Financial Assests and Enforcement of Security Interest Act, 2002: ss.2(1)(f), 2(1)(zb), 2(1)(zf) and 2(1)(zd), and 13(1) and (4) – Loan granted to respondent (borrower) – By a non-financial company (not covered under 2002 Act) – The company subsequently merged with appellant-company (a financial company covered by 2002 Act) – For recovery of loan initiation of proceedings under 2002 Act – Held by High Court that the provisions of 2002 could not be invoked because the company which had granted the loan was not covered by 2002 Act at the time of granting loan – On appeal, held: On sanction of the scheme of merger/amalgamation, all loans, recoveries, security, interest, financial documents etc. in favour of the predecessor company got transferred to and stood vested in the appellant-company – Thus, the borrowers became the borrowers of the appellant-company – The debt with underlying securities was the asset of the predecessor company got it had right to transfer/assign its assets to any person without seeking consent of the borrower – Therefore, respondent would be treated as ‘borrower ’; arrangement would be classified as ‘security arrangement’; the agreements created ‘security interest’ and appellant became ‘secured creditor’ under 2002 Act. s.13(1) and (4) – Proceedings under – Whether barred if case filed u/s. 9 of Arbitration Act, invoking arbitration clause – Held: 2002 Act being a special enactment and Arbitration Act being a statute of general nature, 2002 Act will be placed on higher pedestal – Merely because steps are taken under general law, remedy under special stature cannot be foreclosed – Arbitration and Conciliation Act, 1996 – s.9.
Judge	Hon'ble Mr. Justice Arjan Kumar Sikri
Neutral Citation	2018 INSC 200
Petitioner	Indiabulls Housing Finance Limited
Respondent	M/s. Deccan Chronicle Holdings Limited And Others
SCR	[2018] 1 S.C.R. 1096
Judgement Date	2018-02-23
Case Number	18

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Indiabulls Housing Finance Limited Vs. M/s. Deccan Chronicle Holdings Limited and Others

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Indiabulls Housing Finance Limited Vs. M/s. Deccan Chronicle Holdings Limited and Others

Indiabulls Housing Finance Limited Vs. M/s. Deccan Chronicle Holdings Limited and Others

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