Judgment Search Results Home > Cases Phrase: industrial reconstruction bank of india act 1984 schedule ii second schedule Page 1 of about 420 results (0.181 seconds)

Hill Properties Ltd. the Companies Act, 1956 Vs. Union Bank of India U ...

Court : Mumbai

Reported in : 2009(111)BomLR4550

..... (2) the provisions of this act or the rules made there under 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 of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act,1984 (62 of 1984), the sick industrial companies (special provision) act, 1985 (1 of 1986) and the small industries development bank of india act, 1989 (39 of 1989).13. ..... two questions for consideration, which were:(i) is transfer of an immovable property in contravention of a prohibitory or injunction order of a court illegal or void;(ii) whether and to what extent, the procedure under rule 11 of second schedule to income tax act, 1961 is applicable in execution of a recovery certificate issued under section 19(7) of the recovery of debts due to banks and financial institutions act, 1993 (for short rdb act).the learned bench answered the 1st question in the affirmative and thereafter went on to proceed to answer the ..... in the light of this discussion about the provisions of order 21 rule 58 to 63, if we examine rule 11(4) of the second schedule to the income tax act, it is clear that the tax recovery officer is required to examine whether the possession of the third party is of a claimant in his own right or in trust for the assessee or on account of the assessee. .....

State Bank of India Vs. V. Chakrapani and ors.

Court : DRAT Madras

Reported in : III(2004)BC269

..... provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporation act, 1948, the state financial corporation act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984 and the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989." 6 ..... the recovery officer in his order dated 28.8.2002 has found that the demand notice under rule 2 of the second schedule of income tax act, 1961 were issued under part-1 of the rules whereas attachment of the property is provided under rule 48 of the said rules and service of attachment is provided under rule 49 and proclamation of attachment is provided under ..... so, the finding of the po, drt that after execution proceedings stated the provisions of the income tax act is made applicable under section 29 read with section 34 of the rddb & fi act, is erroneous and it is liable to be set aside inasmuch as section 29 reads that the provisions of second and third schedules to the income tax and income tax (certificate proceedings) rules, 1962 alone will apply as far ..... attachment and not clearly in view of the language used under rule 68(b) of the second schedule to the income tax act, 1961 to the effect that no sale of immovable property shall be made under this part after expiry of 4 years and in the present case attachment of immovable property was issued under rule 48 on 31.7.2001 .....

Ksl and Industries Ltd. Vs. Arihant Threads Ltd. and ors.

Court : Supreme Court of India

Reported in : IV(2008)BC421(SC); 153(2008)DLT27(SC); 2008(12)SCALE42; (2008)9SCC763

..... inconsistent therewith contained in any other law for the time being in force or in any instrument have effect by virtue of any law other than this act (2) the provisions of this 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 companie (special provisions) act, 1985 and the small industries development bank of india act, 1989.18 ..... . for reasons which are obvious, the respondent-company chose not to take recourse either to section 20 of the rddb act or rule 60 of the second schedule of the income tax act, 1961, and took a chance of filing an appeal under section 30 of the rddb act with regard to the fixation of the reserve price of the company's assets by the recovery officer for the purposes of the auction sale and the scope of the appeal was limited to such issue alone.36 ..... . 1-company for preferring an appeal under section 20 of the rddb act or by way of an application for setting aside the sale under rule 60 of the second schedule of the income tax act, 1961, were not resorted to by the respondent-company ..... . a certificate had been issued under section 19 and in accordance with section 29 of the act, procedure laid down in second and third schedules to the income tax act, 1961 had been followed .....

Central Bank of India Vs. Coast West Ferro Alloys and 7 ors.

Court : Gujarat

Reported in : (2009)1GLR59

..... act or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948, the state financial corporations act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984 and the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india ..... by appellant against respondents, where, contention raised by respondent vide exh.44 that respondent being a sick unit declared by board of industrial finance and reconstruction (hereinafter referred to as 'bifr'), therefore, under section 22(1) of sica, present suit is not to be maintainable against respondents.4 ..... . the second part which is independent of the first part declares that no suit for the recover 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 ..... .' the second part which is independent of the first part declares that '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 ..... second and third schedules of the income tax act, 1961 will apply to the recovery of amount due under the rddb act .....

Hdfc Bank Ltd. and anr. Vs. Kishore K. Mehta and ors.

Court : Mumbai

Reported in : 2008(6)BomCR340

..... sub-section (2) of section 34 provides that the provisions of rd act or rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporation act, 1948, the state financial corporations act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984, the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989.34. ..... section 29 provides for application of certain provisions of the income-tax act and it states that the provisions of the second and third schedules to the income-tax act, 1961 and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under the said act instead of to the income-tax.31. ..... section 29 further provides that provisions of second and third schedules to the income-tax act, 1961 and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under the rd act instead of the income tax act, provided that any reference under the said provisions and rules to the assessee shall be construed .....

Central Bank of India Vs. State of Kerala and ors.

Court : Supreme Court of India

Reported in : [2010]153CompCas497(SC); JT2009(3)SC216; 2009(3)SCALE451; (2009)4SCC94; (2009)12VatReporter137; (2009)21VST505(SC); JT2009(1)SC216

..... section 34 lays down that the provisions of the drt act or rules made thereunder shall be in addition to and not in derogation of industrial finance corporation act, 1948, the state financial corporation act, 1951, the unit trust of india act, 1963, industrial reconstruction bank of india act, 1984 and the small industries development bank of india act, 1989.19. ..... that even though the central and state legislations have not been enacted with reference to a particular entry in list iii in the seventh schedule, article 254 will get attracted, and the kerala and bombay high courts committed an error by refusing to accept the submission that banks, financial institutions and secured creditors have priority in the matter of recovery of debts or enforcement of security interest vis-`-vis the state ..... indu malhotra, learned senior counsel appearing for the appellants argued that as the drt act and securitisation act have been enacted by the parliament under article 246(1) read with entry 45 in list i in the seventh schedule of the constitution for speedy recovery of debts due to banks or financial institutions or for enforcement of security interest by the secured creditors and overriding effect has been given to these legislations vis-a-vis other ..... by section 29, the provisions of second and third schedules to the income tax act, 1961 and the income tax (certificate proceedings) rules, 1962 have been made ..... on the basis of the second schedule to the income tax act, 1961 need not be examined .....

M/S Super Sales Corporation and Others Vs. the Debt Recovery Tribunal ...

Court : Karnataka

..... the provisions of this 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, 1989 (39 ..... , the 2nd petitioner herein is the exclusive owner of the scheduled property and 1st petitioner had borrowed a loan from bank of baroda, the second respondent herein, and having defaulted in the repayment of the loan, the bank had instituted recovery proceedings before the drt which had issued a recovery certificate for payment ..... respondent is a stranger to the proceedings initiated by the ksfc and placing reliance on rule 11 of the second-schedule of the income-tax act, 1961, it was contended that any private sale for the recovery of the outstanding sum is void. ..... . application of certain provisions of income-tax act - the provisions of the second and third schedules to the income-tax act, 1961 (43 of 1961) and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under this act instead of to the income-tax: provided that any reference under .....

D. K. Abdul Khader and Others Vs. Union of India and Others[Overruled]

Court : Karnataka

Reported in : ILR2001KAR1809; 2001(2)KarLJ534

..... (2) the provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporations 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) and the sick industrial companies (special provisions) act, 1985 (1 of 1986)'. ..... had the expression 'administration of justice' included in itself 'constitution and organisation of tribunals', there would not have been any necessity for the parliament to add articles 323-a and 323-b in the constitution, and entry 11-a of schedule iii would have covered the question of constitution and organisation of tribunals under the head of administration of justice, or the expression 'court' could have been included the tribunal in itself then there would have been no ..... 59 of list i of schedule vii of the government of india act and whether for that purpose the income-tax appellate tribunal could be taken to be a court and the division bench observe as under. ..... section 29 provides for application of the provisions of the second and third schedules to the income-tax act, 1961 (43 of 1961) and the income-tax (certificate proceedings) rules, 1962 to the extent possible and apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under the act instead of to the income-tax. .....

Official Liquidator High Ct.of Judc. Vs. Allahabad Bank and ors.

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, ..... , had the occasion to observe:- by virtue of section 29 of the act, the provisions of the second and third schedules to the income tax act, 1961 and the income tax (certificate proceedings) rules, 1962, have become applicable ..... to realize the debt of the appellant by associating itself in the recovery proceeding in accordance with the rdb act, the direction issued to the official liquidator to give access to the recovery officer to proceed with the recovery of legal and valid dues of the bank and the non-imposition of any condition that the sale required prior approval of the learned company judge and, ..... the provisions of the second and third schedule of the income-tax act, 1961 and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, be applicable with necessary modifications as if the said provisions and the rules referred to the amount of debt due under the rdb act instead of the income-tax act. ..... is contained in these schedules to the income tax act, including provisions relating to .....

industrial Investment Bank of India Ltd. Vs. Biswanath Jhunjhunwala

Court : Supreme Court of India

Reported in : JT2009(10)SC533; 2009(11)SCALE520; (2009)9SCC478; 2009(8)LC3941(SC)

..... the appellant on 18.03.1997 filed an application in the high court of calcutta under section 40 of the industrial reconstruction bank of india act, 1984 (for short 'irbi act') for attachment and sale of the assets of the borrower company. ..... this guarantee shall be enforceable against the guarantor notwithstanding that any security or securities comprised in any instrument(s) executed by the borrower in favour of the industrial reconstruction bank of india ltd. ..... briefly stated the facts are as follows:the appellant industrial investment bank of india ltd. ..... in that case, it was further observed that on a conjoint reading of sections 29 and 31 of the said act, it appears that in case of default in repayment of loan or any installment or any advance or breach of an agreement, the corporation has two remedies available to it against the defaulting industrial concern, one under section 29 and another under section 31. ..... the high court on the said application filed by the appellant on 31.03.1997 under section 40 of the irbi act appointed a receiver for the purpose of taking symbolic possession of the assets mentioned in schedules `a', `b', `c' and `d' to the said application and also for making an inventory of the same. ..... a deed of undertaking to create mortgage in respect of its immovable properties was also executed on behalf of the borrower company in respect of the said second short term working capital loan.7. ..... the appellant sanctioned the second term working capital loan of rs. .....