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Allahabad Bank Vs. Canara Bank and Another

Court : Supreme Court of India

Subject : BankingCompany

Acts : Companies Act, 1956 - Sections 19, 232(1), 442, 445, 446, 529A and 537; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 18, 19, 20, 22, 25 and 34; Constitution of India - Articles 226, 227 and 323A; Banking Regulation Act, 1949 - Sections 5; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 - Sections 3; Industrial Finance Corporation Act, 1948; State Financial Corporations Act, 1951; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Companies (Amendment) Act, 1960; Life Insurance Corporation Act, 1956 - Sections 15 and 41; Old Companies Act, 1913 - Sections 171; Banking Companies Act, 1949 - Sections 45C; Civil Procedure

Reported in : 2000(3)ALLMR(SC)475; 2000(2)CTC723; JT2000(4)SC411; 2000(3)SCALE169; (2000)4SCC406; [2000]2SCR1102; AIR 2000 SC 1535; MANU/SC/0262/2000

the Industrial Credit and Investment Corporation of India Ltd; (ii) the Industrial Finance Corporation of India; (iii) the Industrial Development Bank of India; (iv) the … relating to the impact of the provisions of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (hereinafter called the RDB Act) on the provisions of the Companies Act, 1956. The immediate dispute before us … of 2000) which came into force with effect from 17.1.2000. The effect of the Ordinance and in particular Section 19(19) then fell for consideration. Question of distribution of the sale proceeds by Company Court/ Tribunal and method of

Larsen and Toubro Limited Vs. the State of Jharkhand and ors.

Court : Jharkhand

Subject : Sales Tax

Reported in : 2007(1)BLJR694; [2007(1)JCR542(Jhr)]

the rate of 8%. The assessment was already made for the aforesaid period. However, notices were issued in 1993 under Section 19(1) of the Bihar Finance Act asking the petitioner to show cause as to why reassessment … Circle, Jamshedpur, pursuant to the order dated 27.2.2006 passed under the provision of Section 19(2) of the Bihar Finance Act, 1981 and further for quashing the entire proceedings of reopening of the assessment proceedings on the basis of

Bharat Overseas Bank Ltd. Vs. Saritha Synthetic and Industries Ltd.

Court : Andhra Pradesh

Subject : CompanyCivil

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19; Companies Act, 1956 - Sections 433; Indian Contract Act, 1872 - Sections 176; Transfer of Property Act, 1882 - Sections 130; Sale of Goods Act, 1930

Reported in : 2004(4)ALD205; 2004(3)ALT85; IV(2004)BC282; [2004]120CompCas419(AP); (2004)4CompLJ401(AP); [2005]60SCL424(AP)

petitioner filed an application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short 'the Debts Recovery Act'), in O. A. No. 385 of 2002 before the Debts Recovery Tribunal, … placed reliance on the judgments in Howrah Trading Co. Ltd. v. CIT : [1959]36ITR215(SC) , B. O. L Finance Ltd. v. Custodian : [1997]3SCR51 A. M. P. Arunachalam v. A.R. Krishnamurthy Jagdishchandra Champaklal Parekh v. Deccan Paper

Sati Oil Udyog Ltd. and anr. Vs. Commissioner of Income-tax and ors.

Court : Guwahati

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 80, 143(1A), 246 and 264; Constitution of India - Articles 14, 19 and 226; Finance Act, 1993

assessee had a loss and did not have income liable to tax under the Act. Thereafter, by the Finance Act, 1993, the said Clause (a) of Sub-section (1A) of Section 143 of the Act was substituted with effect from … 226 of the Constitution, the petitioners have challenged the constitutional vires of Section 143(1A) of the Income-tax Act, 1961.2. The facts in Civil Rule No. 2072 of 1993 are that petitioner No. 1 is a limited company

Modern Syntax (i) Ltd. Vs. Debts Recovery Tribunal Jaipur and Others

Court : Rajasthan

Subject : Banking

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 17A, 18, 18A, 19, 19(12) and (20), 20, 31, 34 and 34(1) and (2); Rajasthan Relief Undertakings Act, 1961 - Sections 1, 2, 3, 3(1), 4 and 4(1); Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2000; Constitution of India - Articles 226, 227, 246 and 254; Bombay Relief Undertakings (Special Provisions) Act, 1958 - Sections 4; Companies Act, 1958 - Sections 291, 442, 446 and 537; Industrial Finance Corporation Act, 1948; State Financial Corporations Act, 1951 - Sections 46-B; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Sic Industrial Companies (Special Provisions) Act, 1985; Small Industries Development Bank of India Act, 19

Reported in : AIR2001Raj170; [2001]106CompCas629(Raj); 2001(2)WLC79; 2003(1)WLN620

the drugs. The Bihar State Legislature then levied a surcharge in exercise of its powers under the Bihar Finance Act, 1981. Before the Supreme Court, it was argued that the provisions of Bihar Finance Act which provided for … as per the provisions of Section 19(20) of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 against the Defendant Nos. 1 to 3 jointly and severally; (ii) Award interest pendentelite and future at the

Punjab National Bank Vs. Bengal Potteries Ltd. (In Liqn) and ors.

Court : Kolkata

Subject : Banking

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 18, 19, 31, 31(1) and 34(1); ;Industrial Finance Corporation Act, 1948; ;State Financial Corporations Act, 1951; ;Unit Trust of India Act, 1963; ;Industrial Reconstruction Bank of India Act, 1984; ;Sick Industrial Companies (Special Provisions) Act, 1985; ;Small Industries Development Bank of India Act, 1989; ;Companies Act, 1956 - Sections 446, 643, 643(1) and 643(2); ;Code of Civil Procedure (CPC) - Sections 144 and 151; ;Code of Criminal Procedure (CrPC) - Section 384; ;Constitution of India - Articles 142, 226 and 227; ;Company Court Rules, 1959 - Rule 9; ;Supreme Court Rules - Order 31 - Rule 15(1)

Reported in : 2008(4)CHN727

this Court, in the UCO Bank's case (supra), the Debts, Recovery Tribunal would not entertain the application under Section 19 of the Act of 1993. This judgment, however, has been held to be 'not correct' by the Supreme … shall be in addition to, and not in derogation of. The Industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951 … prior to the filing of the aforesaid suit The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the Act of 1993) had already come into operation and the Debts Recovery Tribunal

In Re: U.P. Carbide and Chemicals Ltd.

Court : Uttaranchal

Subject : Company

Acts : Companies Act, 1956 - Sections 19(19), 442, 446, 446(1), 529A and 537; ;Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 25, 31A and 34; Industrial Finance Corporation Act, 1948; State Financial Corporation Act, 1951; Unit Trust of India Act, 1963; Industrial Reconstruction Bank of India Act, 1984; Sick Industrial Companies (Special Provisions) Act, 1985; Small Industries Development Bank of India Act, 1989

Reported in : [2005]63SCL419(NULL)

Act or the rules made thereunder shall be in addition to, and not in derogation of, the Industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporation Act, 1951 (63 of 1951), the Unit Trust … before it, issued recovery certificates under Section 31A of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act). The said recovery certificate was sent to DRT, Lucknow and notices were sent to the Official … the Ex-workers and Financial Institutions under Section 529A of the Companies Act, 1956.2. Brief facts of the case are that the Board of Industries and

Indian Oil Corporation Ltd. Vs. the State of Bihar and ors.

Court : Patna

Subject : Sales Tax

Acts : Bihar Tax on Entry of Goods into Local Areas for Consumption Use or Sale Therein Act, 1993 - Sections 7; Bihar Finance Act, 1981 - Sections 16(9)

or Sale Therein Act, 1993 (hereinafter referred to as 'the Act') read with Section 16(9) of the Bihar Finance Act (hereinafter referred to as the 'Finance Act') for not paying the admitted tax under the Act within time … of the Bihar Tax on Entry of Goods into Local Areas for Consumption, use or Sale Therein Act, 1993 (hereinafter referred to as 'the Act') read with Section 16(9) of the Bihar Finance Act (hereinafter referred to

Assam Leather Industry Vs. Union of India (Uoi) and ors.

Court : Guwahati

Subject : Banking

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 18, 25, 28 and 31; Constitution of India - Articles 14, 248, 323A, 323B and 371A; Code of Civil Procedure (CPC) ; Transfer of Property Act; Nagaland Administration of Justice Rules, 1937 - Rule 33

locking up of huge funds, Dr. Manmohan Singh, the then Minister of Finance, introduced the Recovery of Debts Due to Banks and Financial Institutions Bill, … raise the question of legality, validity and constitutionality of Recovery of Debts Due to Banks and Financial Institution Act, 1993 (hereinafter called 'the Act'), and other actions related to the Debt Recovery Tribunal at Guwahati constituted under the … Bill no doubt will lapse, but the amendments proposed by the Bill are quoted below : '4. In Section 19 of the Principal Act : (a) after Sub-section (3), the following sub-sections shall be inserted, namely : (3A)

Shree Rama Multi-tech Ltd. and anr. Vs. Asset Reconstruction Company ( ...

Court : Gujarat

Subject : Civil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 2(1), 3, 13, 13(1), 13(2), 13(3A), 13(4), 13(5), 13(6), 13(8), 13(9), 13(10), 17, 17(1), 17(2), 17A, 18, 19, 31, 34, 35, 36 and 37; Companies Act, 1956; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 2, 17, 17(1), 19, 19(1), 19(15), 22 and 24; Enforcement of Security Interest and Recovery of Debt Laws (Amendment) Act, 2004 - Sections 10; Transfer of Properly Act, 1882 - Sections 69 and 69A; Limitation Act, 1963; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Code of Civil Procedure (CPC) , 1908 - Sections 11 - Order 8 - Order 23, Rule 1, 1(1), 1(3) and 1(4) - Order 32, Rules 1 to 14 ; In

Reported in : (2007)2GLR1230

referred to as 'the Amending Act of 2004'), the legislature has further clarified the position. He submitted that Section 19 of the Act of 1993 has been amended by the Amending Act of 2004 by virtue of which … power conferred by or under Act or under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Section 35 gives an overriding effect to the provisions of the Act over the provisions contained under any other … the Act of 2002 in a case wherein financial asset has been financed by more institutions than one.9.2 Pointing out to the decision of learned