Calling the Situation Grim, the Supreme Court Takes Suo Motu Cognizance of Delays in NCLT Approvals  ||  Supreme Court: Admission of a Claim by a Resolution Professional is Not Debt Acknowledgment  ||  Supreme Court: Public Figures Must Exercise Caution as Their Words Have Consequences in Society  ||  SC: State Must Act as a Model Employer, Criticising the Union For Not Regularising ISRO Workers  ||  J&K&L High Court: Minor Minerals Have Major Environmental Impacts and Must be Regulated  ||  Del HC: Unexplained Money Received by Public Servant is Not Bribery Without Proof of Official Favour  ||  Del HC: There is No Absolute Bar on Granting Co-Convicts Parole/Furlough Together in Suitable Cases  ||  Bom HC: LARR Authority Can Examine Limitation Issues in Land Acquisition References under 2013 Act  ||  MP HC: Long-Serving Employees Cannot Be Denied Regularisation by Retrospective Statutory Amendments  ||  J&K&L HC: Routine Challenges to Lok Adalat Awards Defeat Their Purpose of Quick Dispute Resolution    

Pegasus Assets Reconstruction P. Ltd. v. Haryana Concast Limited and Ors. - (Supreme Court) (29 Dec 2015)

Company Court to not wield power at winding-up under SARFAESI

MANU/SC/1489/2015

Civil

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.

Relevant : Allahabad Bank v. Canara Bank MANU/SC/0262/2000 Bank of Maharashtra v. Pandurang Keshav Gorwardkar MANU/SC/0500/2013 Arun Kumar Agrawal v. Union of India MANU/SC/1146/2013 Section 13 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Act

Tags : SARFAESI   COMPANIES ACT   CONDITIONS   SECURED ASSET  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved