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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head>  <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0">  <tr>   <td align="left" valign="top">   <br />   Supreme Court <br /><br /> State financial corporation's rights impeded by right of workers to wages in insolvency<br /><br /> MANU/SC/0843/2015 - (07 Aug 2015)<br /><br />  </td>  </tr>    <tr>   <td align="left" valign="top">Laxmi Fibres Ltd. v. A.P. Industrial Dev. Corpn. Ltd. and Ors.</td>  </tr>    <tr>   <td align="left" valign="top" style="background-color:#FDEDCE"><strong>The right of a state financial corporation under Section 29 of the State Financial Corporations Act, 1959 is subject to rights of workers of the company in liquidation to recover wages. The Court added that the Official Liquidator in such liquidation proceedings does not have jurisdiction to adjudicate the claim of a secured creditor under the Act of 1959.</strong></td>  </tr>  <tr>   <td align="left" valign="top" ><strong>Relevant : A.P. State Financial Corporation v. Official Liquidator <manuid>MANU/SC/0491/2000</manuid>
International Coach Builders Ltd. v. Karnataka State Financial Corpn. <manuid>MANU/SC/0189/2003</manuid>
Rajasthan State Financial Corpn. v. Official Liquidator <manuid>MANU/SC/1033/2005</manuid></strong></td>  </tr>   <tr>   <td align="left" valign="top" ><strong>Tags : state financial corporation, liquidation, rights</strong></td>  </tr> <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>  <tr>      <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td>  </tr> <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>  <tr>   <td align="left" valign="top">Regards</td>  </tr>  <tr>   <td align="left" valign="top">Team Manupatra</td>  </tr>  <tr>   <td align="left" valign="top">&nbsp;</td>  </tr>   </table> </div> </body> </html>