Bombay HC: Mortgage, Enforcement and Related Reliefs Not Subject to Arbitration  ||  Bombay HC: Assessment Beyond DRP Directions & S.144C(13) Timeline is Invalid  ||  Rajasthan HC: WhatsApp Summons to Soldier Invalid; Ex-Parte Maintenance Order Set Aside  ||  Karnataka HC: Quarry Lease Renewal Allowed Next Day If Deadline Falls on Public Holiday  ||  SC Eases Firecracker Ban in NCR for Diwali; Permits Sale and Use of Green Crackers  ||  SC Issues Contempt Notices to States/UTs for Ignoring ICU/CCU Healthcare Standards Orders  ||  Supreme Court Reopens Case Against Ex-MLA Over Alleged Fake Caste Certificate in Elections  ||  Supreme Court Reverses Acquittal in 1997 Daughter-in-Law Murder Case  ||  SC Halts NCDRC Order Granting Compensation to Rajasthan Royals for Sreesanth, Citing No Match Played  ||  SC Warns TN Police Media Statements May Affect Impartiality of Karur Stampede Probe    

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