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. ..... what may be supposed and has been intended but what has been said.once the provisions of law clearly specify that the overriding effect provided under sub-section (1) of section 34 of the rd act would not prohibit the banks and financial institutions from taking resort to the provisions of the statutes specified under sub-section (2) of section 34, it would mean that all other statutes which are not specified in the said provision ..... often be logical if the context indicates a contrary legislative intent.this observation regarding the interpretation of statutes is of no help to the appellants in the matter in hand as in allahabad bank's case as well as in patheja's case, the apex court has clearly held that the provisions comprised under section 9 of the insolvency act on being put into force and applied to the debtor, can virtually result in civil death of the debtor and, therefore, they are to be interpreted strictly. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : IV(2008)BC421(SC); 153(2008)DLT27(SC); 2008(12)SCALE42; (2008)9SCC763
..... 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 ..... 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, 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 act, 1989 ..... . in view of the said provision, the industrial development bank of india (hereinafter referred to as `idbi'), which was the predecessor of the stressed assets stabilisation fund (hereinafter referred to as `sasf'), financed the project undertaken by ..... the industrial development bank of india (`idbi' for short) which was the predecessor of the stressed assets stabilisation fund (`sasf' for short), financed the project undertaken by the company by way of foreign currency loan and also working capital .....
Tag this Judgment!Court : Chennai
Reported in : (2008)220CTR(Mad)156; [2009]177TAXMAN192(Mad)
..... bank for agriculture and rural development established under section 3 of the national bank for agriculture and rural development act, 1981 or by the national highways authority of india constituted under section 3 of the national highways authority of india act ..... , a company formed and registered under the companies act, 1956 (1 of 1956);(iii) on or after the 1st april, 2002, by the national housing bank established under sub-section (1) of section 3 of the national housing bank act, 1987 (53 of 1987) or by the small industries development bank of india established under sub-section (1) of section 3 of the small industries development bank of india act, 1989 (39 of 1989).from a reading of the above, it is clear that long-term specified asset means any bond redeemable after three years and issued on or after the 1st april, 2000 by the national ..... 1987 (53 of 1987) or by the small industries development bank of india established under sub-section (1) of section 3 of the small industries development bank of india act. .....
Tag this Judgment!Court : Delhi
Reported in : 2005(2)ARBLR324(Delhi); IV(2005)BC156; [2006]132CompCas417(Delhi); 121(2005)DLT241; 2005(82)DRJ631
..... for the time being in force or in any instrument having effect by virtue of any law other than this act.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 corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india ltd, 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 of 1989).'14. ..... been so, the parliament while amending sub-section (2) of the said section 34 of the act in the year 2000 would have inserted the arbitration and conciliation act, 1996 as it did in respect of the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989. ..... section (2) saves some statutes from the purview of this act which include the industrial finance corporation act, the state financial corporation act, the unit trust of india, the industrial reconstruction bank of india ltd, the sica and the small industries development bank of india act. ..... was left undisturbed by the supreme court in solidaire india ltd case in which the judgment in maharashtra tubes was noticed though on facts and on harmonious interpretation of the two statutes it was held that the special courts act, 1992 would prevail over the sick industries act, 1985. .....
Tag this Judgment!Court : Mumbai
Reported in : 2005(3)BomCR713; [2006(106)FLR85]; (2005)IILLJ1010Bom; 2005(2)MhLj906
..... act, 1949, (10 of 1949) having branches or other establishments in more than one state, and includes [the export-import bank of india] [the industrial reconstruction bank of india], [the industrial development bank of india], [the small industries development bank of india established under section 3 of the small industries development bank of india act, 1989], the reserve bank of india, the state bank of india, [a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970) [a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), and any subsidiary bank], as defined in the state bank of india (subsidiary banks) act .....
Tag this Judgment!Court : Orissa
Reported in : 2006(II)OLR423
..... law for the time being in force or in any instrument having 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 companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act, 1989 (39 of 1989).11. ..... been filed by the guarantors to the loanee who obtained loan from the state bank of india, bhubaneswar, industrial estate branch (hereinafter referred to as the 'sbi'). ..... the official liquidator or the liquidator appointed by the company court and after hearing him.xxx xxx xxx xxx(iv) in a case where proceedings under the recovery of debts due to banks and financial institutions act, 1993 or the sfc act are not set in motion, the concerned creditor is to approach the company court for appropriate directions regarding the realization of its securities consistent with the relevant provisions of the companies ..... behind enacting sica was to salvage the productive assets and realize the amounts due to the banks and financial institutions to the extent possible from the non-viable sick industrial companies through liquidation of those companies (see the statement of objects and reasons of sica). .....
Tag this Judgment!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. ..... initial capital of the trust, contributed by the development bank, the life insurance corporation, the state bank and the subsidiary banks and other institutions under sections 4 and 4a of the unit trust of india act, 1963, as it stood immediately before the commencement of this act, shall stand transferred to, and vest in, the central government(2) the initial capital contributed by the development bank, the life insurance corporation, the state bank and the subsidiary banks and other institutions shall be refunded, by the central .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2007SC2320; 2007(4)ALLMR(SC)749; 2007(3)BomCR673; [2007(114)FLR155]; (2007)IILLJ825SC; 2007(4)MhLj506; 2007(5)SCALE57; (2007)4SCC685; 2007AIRSCW4020; JT2007(4)SC572; 2007(3)KCCRSN178(SC).;
..... than one state and includes (the export-import bank of india) (the industrial reconstruction bank of india), (the industrial development bank of india), (the small industries development bank of india established under section 3 of the small industries development bank of india act, 1989), the reserve bank of india, the state bank of india (a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings act, 1970 (5 of 1970) (a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), and any subsidiary bank), as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959).from a bare reading of the section .....
Tag this Judgment!Court : Karnataka
..... companies act, 1956 (1 of 1956);(iii) on or after the 1st day of april, 2002, by the national housing bank established under sub-section (1) of section 3 of the national housing bank act, 1987 (53 of 1987) or by the small industries development bank of india established under sub-section (1) of section 3 of the small industries development bank of india act, 1989 (39 of 1989).3. ..... any bond redeemable after three years, issued,-(i) on or after the 1st day of april, 2000, by the national bank for agriculture and rural development established under section 3 of the national bank for agriculture and rural development act, 1981 (61 of 1981) or by the national highways authority of india constituted under section 3 of the national highways authority of india act, 1988 (68 of 1988);(ii) on or after the 1st day of april, 2001, by the rural electrification corporation ltd. ..... ; that the notified bonds that are issued having been subscribed, there is no scope for such investment any further and therefore, virtually the provisions of section 54ec of the act are rendered nugatory and therefore a writ of mandamus should be issued to compel the central government, which has issued the notification and to issue writs as under:1. ..... of raising funds for the use of national highways under the national highways act, 1988.a notification of this nature though incidentally to provide benefits to assessees under the it act, is one essentially permitting funds raised to issue bonds upto the limit mentioned .....
Tag this Judgment!Court : Kolkata
Reported in : [2009]147CompCas166(Cal)
..... the defendant is a statutory authority, constituted under the small industries development bank of india act, 1989.on or about december 21, 1993, the defendant issued bonds in the form of promissory note called 13.50 per ..... on the said bonds and also as to whether the defendant can be held responsible for the delay, having regard to the facts and circumstances of this case and in particular the communication from the reserve bank of india dated june 9, 1997, inter alia directing the defendant not to transfer or register any lien or otherwise deal with securities of the defendant in which m/s. ..... invested, without the permission of the official liquidator, the earlier communication dated january 29, 1997, of the reserve bank of india informing the defendant of the freezing of assets of m/s. ..... appearing on behalf of the plaintiff has cited a judgment of the supreme court in the case of central bank of india v. ..... general in its application to all money suits and if banking practice or banking contracts providing for capitalisation of interest charged on periodical rests were to be recognised it will mean that application of section 34 would be different in suits filed by banks and in suits filed by creditors other than bankers. ..... under the provisions of companies act, 1956 so that the matter could be treated as outside the purview of the liquidation proceedings under the companies act, 1956 which were pending at new ..... practice is to be found already in vogue in the field of banking business. .....
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