Kerala HC Upholds Life Terms For Five, Acquits Two in Renjith Johnson Murder, Says TIP Not Needed  ||  Kerala HC Orders Emergency Electric Fencing at Tribal School to Address Rising Wildlife Conflict  ||  Madras HC: Arbitrator Can’t Pierce Corporate Veil to Bind Non-Signatory and Partly Sets Aside Award  ||  Calcutta HC: Post-Award Claim For Municipal Tax Reimbursement is Not Maintainable under Section 9  ||  Tripura HC: Tax Authorities Cannot Revive Repealed VAT Powers or Retain Deposits Without Law  ||  J&K&L HC: Obtaining a Passport is a Constitutional Right; Citizens Need Not Prove Travel Necessity  ||  Allahabad HC: Police Report in Non-Cognizable Offence is a Complaint; Accused Must Be Heard First  ||  Kerala HC: Hospitals Must Display Rates and Cannot Deny Emergency Care For Lack of Advance Payment  ||  Orissa HC: Convict’s Refusal to Appeal Through Legal Aid Must be Recorded in Writing  ||  SC Halts Deer Translocation From Delhi’s AN Jha Park And Orders a Probe into DDA Negligence    

Laxmi Fibres Ltd. v. A.P. Industrial Dev. Corpn. Ltd. and Ors. - (Supreme Court) (07 Aug 2015)

State financial corporation's rights impeded by right of workers to wages in insolvency

MANU/SC/0843/2015

Company

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.

Relevant : A.P. State Financial Corporation v. Official Liquidator MANU/SC/0491/2000 International Coach Builders Ltd. v. Karnataka State Financial Corpn. MANU/SC/0189/2003 Rajasthan State Financial Corpn. v. Official Liquidator MANU/SC/1033/2005

Tags : STATE FINANCIAL CORPORATION   LIQUIDATION   RIGHTS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved