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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 /> Company Court to not wield power at winding-up under SARFAESI<br /><br /> MANU/SC/1489/2015 - (29 Dec 2015)<br /><br /> </td> </tr> <tr> <td align="left" valign="top">Pegasus Assets Reconstruction P. Ltd. v. Haryana Concast Limited and Ors.</td> </tr> <tr> <td align="left" valign="top" style="background-color:#FDEDCE"><strong>Provisions of the Companies Act, 1956 in respect of dues of workmen and their protection are incorporated under the Securitisation Act, 2002 and legal recourse cannot be taken under the former. Dispute arose from the Company Judge imposing conditions on the Appellant, an asset reconstruction company, while passing orders for winding up of a company under the Securitisation Act. The Court confirmed that powers under the Companies Act cannot be used by the Company Judge to interfere with proceedings by a secured creditor realizing its secured interests as per the SARFAESI Act.</strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Relevant : Allahabad Bank v. Canara Bank <manuid>MANU/SC/0262/2000</manuid> Bank of Maharashtra v. Pandurang Keshav Gorwardkar <manuid>MANU/SC/0500/2013</manuid> Arun Kumar Agrawal v. Union of India <manuid>MANU/SC/1146/2013</manuid> Section 13 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 nActCompID=26277</strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Tags : Sarfaesi, companies act, conditions, secured asset</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <!--<td><strong>Source : <a target="_new" href="http://www.manupatrafast.com/">newsroom.manupatra.com</a></strong></td>--> <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td> </tr> <tr> <td align="left" valign="top"> </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"> </td> </tr> </table> </div> </body> </html>