Court : Himachal Pradesh
Decided on : Dec-06-2004
Reported in : [2005]126CompCas1(HP),[2005(105)FLR234],(2005)IILLJ384HP,[2005]63SCL424(HP)
..... under article 226 of the constitution of india is:whether the petitioner hpsidc having taken over the hypothecated assets of a loanee company under section 29 of the state financial corporation act, and then handing over back such assets to the same loanee company after one time settlement, can be termed as successor or assign of the loanee ..... to the second company. it was also pleaded that only hypothecated assets of the first company were taken over by the hpsidc under section 29 of the state financial corporations act and management of the first company was never transferred to the hpsidc and for this reason too, the hpsidc cannot be saddled with the liability to ..... to be successor or assign of the first company.18. this apart, as far back in 1963, a constitution bench of the supreme court in anakapalle co-operative agricultural and industrial society ltd. v. workmen and ors., air 1963 sc 1489 : 1962-ii-llj-621 interpreting the provisions of the industrial disputes act held that the .....
Tag this Judgment!Court : Himachal Pradesh
Decided on : Jun-10-2004
Reported in : [2005]57SCL225(HP)
..... as 62 (sixty two) creditors of ist petitioner-company including secured creditors, namely, idbi, ifci, icici, exim bank, west bengal industrial development corporation (for short wbtc), state bank, indore, allahabad bank and other unsecured creditors voted in favour of proposed modifications being adopted and carried into effect to the scheme of arrangement. ..... the borrower, agreed that it shall not during the subsistence of its liability to the objector bank under or in respect of any of the aforesaid credit facilities without the written consent of the bank, affect any scheme of amalgamation or reconstitution, however, the first applicant-company did not obtain the written ..... of the ist petitioner-company. after the implementation of the proposed modified scheme of arrangement the roll division of the ist petitioner-company will provide corporate guarantee to the objector. the first petitioner-company has repaid to sbi rs. 75.22 crores upto october, 2003. the retention by sbi dried .....
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