| Content Provider | Supreme Court of India |
|---|---|
| e-ISSN | 30484839 |
| Language | English |
| Access Restriction | NDLI |
| Subject Keyword | Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act 2002 |
| Content Type | Text |
| Resource Type | Law Judgement |
| Jurisdiction | India |
| Act(s) Referred | Transfer of Property Act, 1882 (4 of 1882) 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 |
| Case Type | Appeal |
| Court | Supreme Court of India |
| Disposal Nature | Appeal Dismissed |
| Headnote | Securitisation and Reconstruction of Financial Assets andEnforcement of Securities Interest Act, 2002 – Company Petitionfiled for winding up of one M/s. MPL – M/s. MPL was also referredfor rehabilitation to the Board for Industrial and FinancialReconstruction (BIFR) – During pendency of the same, withoutpermission or knowledge of the BIFR, M/s. MPL entered into anMOU with the sister concern of the appellant for leasing out itsproperties to the appellant for 20 years for repayment of its debt –Industrial Finance Corporation of India Ltd. (IFCI) was securedcreditor of M/s. MPL and held first charge over the assets ofM/s. MPL for outstandings of Rs.160 Crores – After the winding-uporder, IFCI assigned its dues to the appellant for a sum ofRs.85 lacs – Appellant filed Company Application for substitutionin place of IFCI as a secured creditor of M/s. MPL – CompanyJudge rejected the application on 31.07.2015 holding that theappellant was neither a Bank/Banking company/financial institution/securitization company/reconstruction company and therefore couldnot be substituted in place of IFCI as secured creditor for the purposeof the SARFAESI Act– Challenged by appellant for recall/review ofsaid order contending that it never sought the status of a securedcreditor in lieu of the IFCI but had simply desired to be adjudged atransferee from IFCI of an actionable claim u/s.130 of the T.P. Act –Held: Appellant in Company Application specifically soughtsubstitution in place of IFCI as a secured creditor consequent tothe deed of assignment in its favour from IFCI – After the claim ofthe appellant of being a secured creditor was rejected by theCompany Judge, and the appellant realised the unsustainability ofits claim in the law, it made a complete volte face from its earlierstand, contrary to its own pleadings, and contended that it had never sought the status of a secured creditor under the SARFAESIAct – A litigant cannot take contradictory stands in the same case –No merit in the appeal – Transfer of Property Act, 1882 – s.130.Practice & Procedure – Inconsistent stands in the same case– Untenability of – Held: A party cannot be permitted to approbateand reprobate on the same facts and take inconsistent shifting stands. |
| Judge | Hon'ble Mr. Justice Navin Sinha |
| Neutral Citation | 2018 INSC 937 |
| Petitioner | Suzuki Parasrampuria Suitings Pvt. Ltd. |
| Respondent | The Official Liquidator Of Mahendra Petrochemicals Ltd. (in Liquidation) And Others. |
| SCR | [2018] 12 S.C.R. 906 |
| Judgement Date | 2018-10-08 |
| Case Number | 10322 |
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