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S.K. Agarwal Vs. Oriental Bank of Commerce and ors.

Court : Uttaranchal

Subject : SICAContract

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13(11); ;Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 22(1); ;Indian Contract Act - Sections 2(2) and 172

Reported in : I(2006)BC562; [2005]128CompCas926(Uttaranchal)

illegal in view of the reference pending before the BIFR and by virtue of Section 22(1) of the SICA no proceedings against the property of the guarantor can be initiated. Learned Counsel also placed reliance on the … in the impugned notice (annexure P1) as the expression 'pledged' as defined under Section 172 of the Indian Contract Act shall have the same meaning for the purposes of Act 54 of 2002 by virtue of Sub-section

National Textile Corporation Ltd. Vs. Union of India and ors.

Court : Delhi

Subject : Arbitration

a sick industrial company under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (in short SICA), the proceedings in the suit filed against the Petitioner / NTC were stayed; in terms of the provisions … pre-requisite for commencement of an arbitral process. A reference was also made to section 28 of the Indian Contract Act, 1872 and the right to seek access by way of judicial review. 6.3 A reply was filed

Madura Coats Limited Vs. Bank of India and anr.

Court : Delhi

Subject : SICA

Acts : Sick Industrial Companies (Special Provsions) Act, 1985 - Sections 15 to 19, 22, 22(1) and 22(5); Companies Act, 1956; State Financial Corporation Act, 1951 - Sections 29; Contract Act, 1872 - Sections 124 and 126; Code of Civil Procedure (CPC) - Order 37, Rule 1

Reported in : III(2003)BC27; [2003]116CompCas291(Delhi); (2003)3CompLJ494(Del); 105(2003)DLT37; 2003(68)DRJ745; [2003]44SCL718(Delhi)

concerned, it has placed on record the factum of its having been declared sick under Section 3(1)(o) of SICA. It appears that the Bank has been directed to work out a package under Sections 17(2) and 18 … knowledge about the transactions between the Plaintiff and HILTON; and that it is bound only to discharge its contractual duties in the matter of the establishment and payment under Letters of Credit. In pointing out discrepancies in

Cement Corporation of India Ltd., New Delhi and Others Vs. B.B.V. Kris ...

Court : Andhra Pradesh

Subject : SICA

Acts : Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 4, 3(1), 15, 16, 17 and 18; Industrial Disputes Act, 1947 - Sections 25-FF; Constitution of India - Articles 14, 16, 23, 226 and 311;

Reported in : 1999(6)ALD832; 1999(6)ALT341; (2000)ILLJ757AP

as contemplated under Section 3(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as SICA). A reference was made to the Board for Industrial and Finance Reconstruction (BIFR) and the said reference was … employer as illegal arbitrary being contrary to the well settled position of law to the effect that a contract of employment cannot be transferred to a new employer.4. In all the other writ appeals arising out of

Ashiana Paper Mills Pvt. Ltd. Vs. Punjab State Electricity Board and o ...

Court : Punjab and Haryana

Subject : SICA

Reported in : AIR2008P& H119

in view of the provisions of SICA. High Court took a view that non-supply of goods under a contract cannot be equated with the kind of proceedings contemplated by Section 22(1). It is observed that non supply … Judge pleading that the said suit is not maintainable in view of the provisions of Section 22 of SICA. On 24-3-2006 Civil Judge (Senior Division), Hoshiarpur dismissed this application filed by the petitioner-company, which is impugned through

Ngef Ltd. Vs. Chandra Developers Pvt. Ltd. and anr.

Court : Supreme Court of India

Subject : SICA

Acts : Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 16, 18, 20(1), 20(2), 20(4), 22A, 32 and 32(1); Companies Act, 1956 - Sections 150(1), 150(3), 293, 433, 441, 443, 444, 446, 446(1), 446(2), 447, 450(1), 451, 456(1), 457, 529A, 536 and 536(2); Foreign Exchange Regulation Act, 1973; Urban Land (Ceiling and Regulation) Act, 1976; Constitution of India - Articles 100 and 136; Companies (Court) Rules, 1958 - Rules 6, 7 and 9; Companies (Court) (Amendment) Rules, 1959 - Rules 6, 9, 24 and 99

Reported in : IV(2005)BC406(SC); [2005]127CompCas822(SC); (2005)6CompLJ203(SC); JT2005(12)SC29; (2005)4MLJ168(SC); (2005)8SCC219; [2005]64SCL1(SC)

retains the control over the assets of the company in terms of Sub-section (4) of Section 20 of SICA and, thus, it was BIFR alone which could issue a direction as regard sanction of sale of assets … or on the basis of the said purported resolution dated 25.02.2002, alleging that the same constituted a concluded contract between the parties. Objections to the said application were filed by the Appellants herein.7. By reason of an

Tarapore and Co. Vs. V/O Tractoroexport and anr.

Court : Supreme Court of India

Subject : Contract

Acts : Constitution of India - Articles 3, 8, 9 and 133

Reported in : AIR1970SC891; [1970]40CompCas447(SC); (1969)1SCC233; [1969]2SCR920

First National Bank. As desired by Marco Polo this letter of credit was opened in favour of one Sica. The defendant-bankers confirmed that letter of credit. The credit stipulated for payment against (1) a receipt of Sica … Tarapore & Co., Madras (hereinafter referred to as the ' Indian firm'). That firm had taken up on contract thework of excavation of a canal as a part of the Farakka Barrage Project. In that connection they

interads Advertising (P) Ltd. Vs. Palmex Enterprises and ors.

Court : Delhi

Subject : Contract

Acts : Court Fees Act - Sections 7; Code of Civil Procedure (CPC) - Order 39 Rule 1

Reported in : 2003VIAD(Delhi)47; I(2004)BC502; 1(2003)DLT106; 2003(71)DRJ795

First National Bank. As desired by Marco Polo this letter of credit was opened in favor of one Sica. The defendant-bankers confirmed that letter of credit. The credit stipulated for payment against (1) a receipt of Sica … Laws of England (Vol.34, Paragraph 319 at page 185): 'It is often made a condition of a mercantile contract that the buyer shall pay for the goods by means of a confirmed credit, and it is then

Alcove Industries Ltd. Vs. Oriental Structural Engineers Limited

Court : Delhi

Subject : Arbitration

Acts : Arbitration and Conciliation Act, 1996 - Sections 9; Civil Procedrue Code - Order 39, Rule 1

Reported in : AIR2005Delhi173; 114(2004)DLT230; 2004(77)DRJ118

First National Bank. As desired by Marco Polo this letter of credit was opened in favor of one Sica. The defendant-bankers confirmed that letter of credit. The credit stipulated for payment against (1) a receipt of Sica … Petition. On 9.9.2003 my learned Brother had granted an interim injunction inter alias for the reason that the contract had not been terminated and thereforee Clause 22 of the Agreement between the parties had not come into

Sita Ram Singhania Vs. State of Gujarat

Court : Gujarat

Subject : Criminal

Acts : Negotiable Instruments Act, 1938 - Sections 7, 30, 61, 64, 65, 94, 138, 141 and 142; Negotiable Instruments (Amendment) Act, 1988; Negotiable Instruments (Amendment) Act, 2002 - Sections 7; Negotiable Instruments Act, 1881- Sections 141; Companies Act, 1956 - Sections 442, 446, 446(1) and 446(2); Sick Industrial Companies Act - Sections 15, 20, 20(1), 22(1), 42, 50 and 258; Code of Criminal Procedure (CrPC) - Sections 2N, 18, 20, 177, 178(D), 181(4), 258, 305, 305(3), 462 and 482; Indian Penal Code (IPC) - Sections 420; Contract Act - Sections 42 and 49; Code of Civil Procedure (CPC) - Sections 18, 20 and 80; Societies Registration Act, 1860; Railways Act; Industrial Companies' (Special Provisions) Act

Reported in : (2005)2GLR1298

and it was also pointed out that the accused no.4-Company had filed Reference under Section 15 of the SICA (Sick Industrial Companies Act) before the BIFR. Therefore, the learned Magistrate ought to have stayed the proceedings; especially … In support of this submission, Mr. Nanavati has taken me through the provisions of Section 49 of the Contract Act. In support of this submission, he has also referred to a decision reported in 1974 Madras 345