Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Financial Corporation Liquidation proceeding |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | State Financial Corporation Act, 1951 :Sections 29 and 46-Financial Corporation-Liquidation proceedings-Staying outside of-Conditions-Imposing of-A company took loan from Financial Corporation and went into liquidation-Company Judge allowed Financial Corporation to stay outside liquidation proceedings and imposed certain conditions-Validity of-Held : Right to sell property of debtor company not absolute but is subject to S.529(1) proviso and non obstante clause in S.529-A of Companies Act for pari passu charge of workmen-Hence, Company Judge rightly imposed the conditions-Further, High Court erred in holding that it is not necessary for Financial Corporation to seek permission to stay outside liquidation proceedings.Companies Act, 1956: Sections 529 and 529-A proviso-Objects of-To protect dues of the workmen.Interpretation of Statutes : Non-obstante clause-Insertion of-In subsequent enactment-Effect of-Held : Non obstante clause of a subsequent general Act prevails over prior special Act. |
Judge | Hon'ble Mr. Justice S.N. Phukan |
Neutral Citation | 2000 INSC 389 |
Petitioner | A.p. State Financial Corporation |
Respondent | Official Liquidator |
SCR | [2000] Supp. (2) S.C.R. 288 |
Judgement Date | 2000-08-09 |
Case Number | 3439 |
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