J&K&L HC Quashes 65-Year-Old's Detention, says Cattle Smuggling isn't Public Disorder  ||  Karnataka HC Bars Denial of MV Inspector Posts over Experience with Non-Existent HGV/HPV Vehicles  ||  P&H HC: Lengthy Incarceration alone is No Substantial Change for Repeat Bail Plea  ||  Meghalaya HC Flags Amicus' Non-Appearance amid Lawyers' Strike, Stresses Loyalty to Justice  ||  MP HC: Arms Act doesn't allow Sports Firearm Licence Conversion to Self-Defence Category  ||  Delhi HC: Public Funding of LTC, CGHS Benefits doesn't Mandate Personal Disclosure under RTI  ||  Delhi HC: Fake Caste Certificate alone cannot Justify Removing Advocate from State Rolls  ||  Delhi HC Refuses to Stop Sale of 47 Law Books in Family Copyright Dispute  ||  Supreme Court: S. 394 IPC Conviction Requires Proof of Robbery or Attempted Robbery  ||  Supreme Court Questions MP HC's Cryptic Reduction of Murder Conviction as 'Shocking'    

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 2026 - All Rights Reserved