Supreme Court · 2000 INSC 389 · Decided 9 August 2000
A.P. State Financial Corporation v. Official Liquidator
- Court
- Supreme Court of India
- Citation
- 2000 INSC 389 · [2000] SUPP. 2 S.C.R. 288
- Case number
- CIVIL APPEAL No. 3439/1997
- Decided
- 9 August 2000
- Bench
- S. RAJENDRA BABU, S.N. PHUKAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 29, 46, 529, 529(A)
Headnote
State Financial Corporation Act, 1951 : Sections 29 and 46-Financial Corporation-Liquidation proceedings­ Staying outside of-Conditions-Imposing of-A company took loan from Fi­ nancial Corporation and went into liquidation-Company Judge allowed Fi­ nancial Corporation to stay outside to sell property of debtor com­ pany not absolute but is subject to S.529( I) proviso and non obstante clause in S.529-A of Companies Act for pari passu charge of workmen-Hence, Com­ pany Judge rightly imposed the conditions-Further, High Court erred in holding that it is not necessary
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