Court : Supreme Court of India
Reported in : AIR2007SC533; II(2007)BC83; [2007]135CompCas474(SC); 2007(1)CTC425; (2007)2SCC282; [2007]75SCL467(SC); 2007AIRSCW83; 2007LawHerald(SC)78; 2007(3)KCCRSN104; 2007(2)AIRKarR39; JT2007(1)SC372
..... (2) the provisions of (his 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 stale financial corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) 2[, the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act, 1989 (39 of 1989)]. 18. ..... the factual background in which these questions arise is as follows:under a common loan agreement dated october 1, 1992 executed between the unit trust of india (for short 'uti'), the industrial development bank of india (for short 'idbi') as the lead institution, ifci, respondent no. ..... industrial development bank of india and ors. ..... the unit trust of india act, 1963 was repealed and the board of trustees referred to in section 10 of the said act stood dissolved.6. in o.a. no. ..... the scheme of the act discloses that the unit trust of india created under the unit trust of india act, 1963 ceased to exist and in its place the specified company and the administrator of the specified undertaking of the trust were created which took charge of all the properties, business assets, rights etc. ..... special leave granted.2. .....
Tag this Judgment!Court : Supreme Court of India
..... 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 corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984), the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act ..... parliament from enacting at any time any law with respect to the same matter including a law adding to, amending, varying or repealing the law so made by the legislature of the state 124 part h the subject matter, the law made by the legislature ..... as provided under sub-section (2) of section 4, in all the fields as provided, for public viewing, including (a) details of the registration granted by the authority; (b) quarterly up-to-date the list of number and types of apartments or plots, as the case may be, 36 part e section and title provision section and title of wb-hira ..... of chairperson and consultation with the chief justice of the high chairperson, member from court, remove from office of the chairperson or member etc office in certain any judicial member or technical or administrative circumstances member of the appellate tribunal, who (a) has been adjudged as an ..... orissa mining areas development fund act, 1952 under which certain areas were constituted as mining areas and the state government was empowered to levy a fee 24 (1964) 4 scr461132 .....
Tag this Judgment!Court : Supreme Court of India
..... . (3.4) a beginning has been made towards solving the problem of delayed payments to small industries by setting up of factoring services through small industries development bank of india (sidbi) ..... starting with the case of assam scale industries development corporation ltd (supra), wherein it was erroneously held that the act came into force with effect from 23.09.1992 and therefore the provisions of the act has no application to transactions which took place prior to that date. ..... (emphasis laid by this court) in the said case, while it was held that the provisions of the act are prospective in nature based on the decisions of this court in the case of assam small scale industries development corporation ltd. ..... it is further contended that if the term sale agreement is to be the legal test for the applicability of the act, then the same would be inconsistent with the judgment of this court in assam small scale industries development corporation ltd. ..... ., negotiable instruments act, 1881 (section 80), etc ..... (p.388) the rule against retrospectivity does not extend to protect from the effect of a repeal, a privilege which did not amount to accrued right. ..... gopala gowda, j.leave granted in all the special leave petitions.2. ..... . (1936) 2 all er905(ca), the only point argued was on the question of priority of the claimant s debt, and, on this argument being heard, the court granted the order ..... . leave granted ..... leave granted.2. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1986SC1234; (1986)88BOMLR662; [1987]61CompCas373(SC); (1986)2CompLJ261(SC); 1986(1)SCALE657; 1986Supp(1)SCC117; [1986]2SCR187
..... 42 lakhs and the only major scheme of modernisation that the company planned was under the soft loan scheme when in 1977 it made an application to the industrial development bank of india (idbi) since a substantial portion of its machinery was not in a state of good repairs. ..... . : [1981]1scr406 in repelling the contention that the engineering unit together with the shethia bhawan and all its assets built on a plot adjacent to the new satgram coal mines in 1964, the technical director's bungalow built on a plot outside the mining area somewhere in 1957-58 and another building on the same plot of land, namely, the guest house used for the residence of the officers ..... the high court further observed that it was not disputed that the petitioners' company under its memorandum of association was entitled to carry on, amongst others, the business of land development, builders, dealings in real estate etc from the above facts stated, the high court has come to the conclusion that the respondents company in its own right since 1973-74 had established a 'real estate division' for doing business in ..... later, exemption under the urban land ceiling act, 1976 was obtained from the competent authority on october 15, 1982 and formal permission was granted under section 22 of the act for development of plot no. ..... high court has held that along with the vesting of the management of the mill in the central government under sub-section (1) of section 3 of the act, all the assets and properties etc. .....
Tag this Judgment!Court : Supreme Court of India
..... industrial reconstruction bank of india act, 1984 was enacted to provide financial assistance to sick industrial companies for their revival. ..... we are mindful of the fact that parliament has incorporated an amendment in the section with effect from 1.2.1994 in these words no suit for the recovery of money or for the enforcement of any security against the industrial company or of any guarantee in respect of any loans or advance granted to the industrial company shall lie or be proceeded with-further, except with the consent of the board, or as the case may be, the appellate authority . ..... subsequently, the 1993 act was repealed by the micro small and medium enterprises development act, 2006 ( msmed act, 2006 ). ..... become sick, it may also make a reference to the board; (iv) establishment of board consisting of experts in various relevant fields with powers to enquire into and determine the incidence of sickness in industrial companies and devise suitable remedial measures through appropriate schemes or other proposals and for proper implementation thereof; v) constitution of an appellate authority consisting of persons who are or have been supreme court judges, senior high court judges and secretaries to the government of india, etc. ..... the handbook of statistics of indian economy published by the reserve bank of india, etc. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1996SC2797; JT1996(7)SC630; (1997)IILLJ720SC; 1996(6)SCALE303; (1996)5SCC542; [1996]Supp5SCR458
..... while the industrial development bank of india and some other banks were prepared to consider revised package, the response of the ..... paper products which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.whereas, the central india spinning, weaving and manufacturing company limited, being an existing company as defined a clause (ii) of sub-section (1) of section 3 of the companies act, 1956, had been engaged in the manufacture and production of yarn, cloth and paper through its undertaking which was composite textile mill and paper ..... as its earlier application for closure of the unit was rejected by the government under section 25-0 of the industrial disputes act, 1947 on the ground that its operations are viable, the company and its creditors took recourse to voluntary and compulsory winding ..... leave is against the judgment of the bombay high court dismissing a writ petition filed by the appellant to challenge the validity of sections 9(2), 10(2), 12(1), and 26 of the central india spinning, weaving and manufacturing company limited, the empress mills, nagpur (acquisition and transfer of undertaking) act, 1986 (maharashtra act no. ..... the constitutional validity of sections 9(2), 10(2) 12(1) and 26 of the act was questioned in a writ petition filed by the appellant claiming to be a representative union of the workmen employed in the empress mills on the ground that these provisions violate articles 14 19(1)(c) and .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2009AIRSCW2424; AIR2009SC1314; JT2009(5)SC17; (2009)5MLJ782(SC); 2009(4)SCALE547; 2009(3)LC1488(SC); 2009(3)LHSC1489;
..... chabra, chief general manager, rehabilitation finance department, industrial development bank of india were guilty of contempt. ..... maqsud ali (1965) 2 all er 464 and observed:we think that the high court was quite right in holding that the tape-records of speeches were 'documents', as defined by section 3 of the evidence act, which stood on no different footing than photographs, and that they were admissible in evidence on satisfying the following conditions:(a) the voice of the person alleged to be speaking must be duly identified by the maker of the record or by others ..... to enforce the law the courts have power to grant remedies including injunctions against a minister in his official ..... this definition is read with article 129 of the constitution of india, it becomes clear that being a court of record, this court can punish a person for civil contempt if it is found that he has willfully disobeyed any judgment etc. ..... and maintenance of essential services like water and electricity supply, milk distribution, telephone and telecommunication service, fire service, hospitals and protection be given to central government offices, courts, bus stands, railway stations, banks, market places, shops, industrial establishments, etc. ..... the chief secretary's control room regarding the law and order situation, movement, transport, functioning of essential services, functioning of schools and colleges, opening of shops, hotels and other public utilities, attendance in government offices etc.3. .....
Tag this Judgment!Court : Supreme Court of India
..... the financial constraints compelled the company to make a reference to the board for industrial and financial reconstruction (bifr) under section 15(1) of the sick industrial companies (special provisions) act, 1985 and the bifr by order dated 4.5.1999 declared the appellant-company as a sick industrial company and appointed industrial development bank of india (idbi) as the operating agency. ..... the said rule provided that if certificate was not received within the time mentioned in the bond or pass, or if the condition of bond was infringed, the collector of the exporting district or the excise inspector who granted the pass shall take necessary steps to recover from executant or his surety the penalty due under the bond. ..... the facts giving rise to the present appeal, bereft of unnecessary details, are that the appellant-company has a textile factory at kallakurichi and it was established in the year 1964 and with passage of time it took steps for modernization but it suffered a setback in the year 1997 due to slump in the cotton industry affecting the industrial base in south india. ..... , it is evident that the appellant had sent a communication dated 3.10.2007 to the regional provident fund commissioner submitting that that establishment could not pay the provision fund dues from 1998 due to financial crisis, etc. .....
Tag this Judgment!Court : Supreme Court of India
..... section 2(b) defines "company" to mean the industrial development bank of india ltd to be formed and registered under the companies act. ..... (2) notwithstanding the repeal of the industrial reconstruction bank of india act, 1984-(a) the company shall, so far as may be, comply with the provisions of chapter vii of the act so repealed for any of the purposes related to the annual accounts and audit of the reconstruction bank;(b) the provisions of chapter viii of the act so repealed will continue to be applicable in respect of the arrangements entered into by the reconstruction bank with an industrial concern under section 18 thereof up to the appointed day and the company will be entitled to act upon and enforce the same ..... in relation to any other assistance given by the reconstruction bank or otherwise fails to comply with the terms of agreement with that bank, or(b) where the reconstruction bank makes an order under section 38 requiring the assisted industrial concern to make immediate repayment of any assistance granted to it and the industrial concern fails to make such repayment, then, without prejudice to the provisions of section 39 of this act and of section 69 of the transfer of property act, 1882, any officer of the reconstruction bank generally or specially authorised by the board in this behalf .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2003SC2313; [2003]114CompCas664(SC); (2003)3CompLJ42(SC); JT2003(5)SC577; 2003(3)SCALE638; (2003)9SCC490; [2003]44SCL1(SC); [2003]3SCR393
..... above all, if the purpose was to rehabilitate or revive the company, definite proposals for revival should have been insisted upon and the high court should have passed appropriate orders to ensure that the industry was put back on its wheels and started the production within a time frame, but the only direction given in the order was to pay the amount of one crore or so to the 2nd ..... none of the creditors except the secured creditor, namely, the united bank of india and eastern coal agency, which filed the winding up petition, were involved in the so called ..... then held as follows:'...accordingly, in our view, it was a fit and a proper case where exemption ought to have been granted and the exemption was rejected on an existing government policy without disclosing what is the policy and on the contrary the policy of the government is to further the interest of the public and to industrialize the state to mitigate the hardship of the unemployed people. ..... in sub-sections (2) and (3) of section 1, it is enjoined that the repealing act shall apply to such other state which adopts the same by resolution passed in that behalf under clause (2) ..... reason why the impugned order of the division bench cannot be sustained in the subsequent developments that have taken place. ..... was not justified in describing them as 'unknown guidelines', because the orders containing the guidelines were very much on the record and they were adverted to in the pleadings etc. ..... plant and machinery, contiguous land etc. .....
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