Court : Mumbai
Reported in : 2008(6)BomCR340
..... 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 ..... court in allahabad bank's case (supra), there is no scope to contend that banks and financial institutions will have additional forum and procedure to get necessary details about the assets of the debtor when there is already provisions in the rd act to get all ..... discussion and decisions of the apex court leave no scope for any doubt that the term 'decree' in section 9(2) of the insolvency act refers ..... provides that no other forum will have jurisdiction and power to deal with the matters specified under section 17 of the said act, apart from providing that the provisions of the dr act would have overriding effect over any other law ..... (1) a debtor commits an act of insolvency in each of the following cases, namely:(a) if, in the states or elsewhere, he makes a transfer of all or substantially all his property to a third person for the benefit of his creditors generally;(b) if, in the states or elsewhere, he makes a transfer of his property or of any part thereof with intent to defeat or delay his creditors;(c) if, in the states or elsewhere he .....
Tag this Judgment!Court : Supreme Court of India
Reported in : IV(2008)BC421(SC); 153(2008)DLT27(SC); 2008(12)SCALE42; (2008)9SCC763
..... 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. ..... industrial environment large industries are generally financed by banks and statutory corporations created specially for that purpose and if they are permitted to resort to independent action in total disregard of the pending inquiry under sections 15 to 19 of the 1985 act the entire exercise under the said provisions would be rendered nugatory by the time the bifr is able to evolve a scheme of revival or rehabilitation of the sick industrial concern by : device of the financial corporation resorting to section 29 of the 1951 act ..... industrial undertakings, the speedy determination by a board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto, rddb act has been enacted to secure and protect public revenue and for expeditious adjudication and recovery of debts due to banks and financial .....
Tag this Judgment!Court : Chennai
Reported in : (2008)220CTR(Mad)156; [2009]177TAXMAN192(Mad)
..... 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 ..... 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 bank for agriculture and rural development established under section 3 of the national bank .....
Tag this Judgment!Court : Mumbai
Reported in : 2005(3)BomCR713; [2006(106)FLR85]; (2005)IILLJ1010Bom; 2005(2)MhLj906
..... 'banking company' means a banking company as defined in section 5 of the banking companies 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, 1959 (38 of 1959 ..... any industry as defined in clause (j) of section 2 of the industrial disputes act, 1947, xiv of 1947, and the state government in relation to any industrial dispute concerning such industry is the appropriate government under that act; provided that, the state government may, by notification in the official gazette, direct that the provisions of this act shall cease to apply to any such industry from such date as may be specified in the notification; and from that date, the provisions of this act shall cease to apply to that industry and, thereupon, section 7 of the bombay .....
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).;
..... banking company' means a banking company as defined in section 5 of the banking companies 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 ..... as follows:where the provisions of an act are incorporated by reference in a later act the repeal of the earlier act has, in general, no effect upon the construction or effect of the act in which its provisions have been incorporated. ..... banking company would not include a co-operative bank, which would be regulated under the provisions of the maharashtra state co-operative societies act, the learned judge set aside the order of the industrial court and remanded the matter ..... section 100 of the code of civil procedure, 1908 on section 55 of the monopolies and restrictive trade practices act, 1969 (for short 'the mrtp act .....
Tag this Judgment!Court : Delhi
Reported in : 2005(2)ARBLR324(Delhi); IV(2005)BC156; [2006]132CompCas417(Delhi); 121(2005)DLT241; 2005(82)DRJ631
..... had it 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. ..... in my view, as against the provisions of the 'act', which is a special statute, section 8 of the arbitration and conciliation act, 1996 is a general legislation even though it may be a special legislation so far as law of contract or the provisions of the code of civil procedure may be concerned.moreover, the intention of the legislature does not appear to save the arbitration and conciliation act, 1996 from the overriding effect of the provisions of sub-section (1) of section 34 of the act. ..... event of their being no chairman by the chief executive officer for the time being of the bank or if he is unable or unwilling to act, then, or any person nominated, or any officer of bank and it shall be no objection to any such arbitration of the said chairman or any such person nominated by him that he is/has in any manner connected with the bank or that he has dealt with or taken any decision in the matter of any disputes earlier with regard to which he shall be called upon thereafter to arbitration .....
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 learned additional solicitor general appearing on behalf of the union of india drew our attention to the definition of 'public financial institution' under section 2(fa) of the unit trust of india act, 1963 and submitted that it includes every financial institution other than the trust specified by or under section 4-a of companies act, 1956. ..... it was also emphasized that under sub-section (2) of section 7 the central government has been authorized to issue directions to the administrator as to his powers and functions and similarly permitted the administrator to seek directions of the central government as to the manner in which he shall conduct the management of the specified undertaking or in relation to any matter arising in the course of such management. ..... on the other hand, section 19 of the drt act provides for another procedure for recovery of debts due to banks and financial institutions. .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR2001Raj170; [2001]106CompCas629(Raj); 2001(2)WLC79; 2003(1)WLN620
..... (2) the provisions of this act or the rules made thereunder shall be in addition to and not in derogation if, the industrial finance corporation act, 1948 (15 of 1918), 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 sic industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989)' section 4 of the rru act; '4. ..... (2) a notification under sub-section (1) shall have effect from such date, not being earlier than the date referred to in sub-section (1) of section 3, as may be specified therein and the provisions of section 21 of the bombay general clauses act, 1904, shall apply to the power to issue such notification,' (26). ..... before dealing with the challenge in detail, the factual aspects of the matter which are relevant for such discussion may be referred to herein in answer to the allegations by the respondent bank. ..... counsel for the respondent bank submitted that the notifications dated 15.2.2000 are ex facie bad and since they do not meet with the conditions present and pre-requisite conditions given in section 3 of the rru, the notifications have to be treated as void. ..... counsel with a view to meet with the submissions on the part of the petitioner that for purpose of finding repugnancy the two acts would have been enacted from some entries in the concurrent list.(40). .....
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 ..... of action, after receipt of the redemption value of the bonds along with periodical interest payable 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 ..... section 34 is general procedural provision and whether it would apply or not and if apply then to what extent would obviously depend on the ..... interest accrued thereon, as directed by the delhi high court.on february 17, 2005 the defendant made over the original 41 bonds to the plaintiff after registering the same in the name of the plaintiff and enfacing the name of the plaintiff on each of the bonds.on or about february 18, 2005 the plaintiff deposited the aforesaid 41 bonds at the office of the defendant at mumbai for expeditious encashment of redemption value ..... 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 ..... high court delivered a judgment, holding that the purchase by shankar lal saraf, of the bonds, which are subject matter of this suit, from m/s. .....
Tag this Judgment!Court : Karnataka
Reported in : [2007]289ITR134(KAR); [2007]289ITR134(Karn)
..... ]](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 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. ..... or accruing as a result of the transfer of the original asset;[(b)'long term specified asset' means 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 or by the national highways authority of india constituted under section 3 of the national highways authority act, 1988;(ii) on or after the 1st day of april, 2001, by the rural electrification corporation ltd. ..... as to what amount of bonds should be notified for claiming a concession under section 54ec is also a matter of consideration within the realm of the legislature and its delegatee the central government. ..... be that as it may, in matters of this nature where the legislature extends certain benefits, particularly like tax concession to assessees, it is essentially a matter of policy to decide as to which sector should be encouraged and should be given a concession in payment of income tax etc. .....
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