Supreme Court · 2007 INSC 818 · Decided 7 August 2007
Central Bank of India v. Siriguppa Sugars & Chemicals LTD. & ORS.
- Court
- Supreme Court of India
- Citation
- 2007 INSC 818 · [2007] 8 S.C.R. 898
- Case number
- CIVIL APPEAL No. 3499/2007
- Decided
- 7 August 2007
- Bench
- TARUN CHATTERJEE, P.K. BALASUBRAMANYAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 173
Headnote
Contract Act, I872-Sections 173 and 176-Rights of pawnee on sale .-;;f proceeds of pawned goods-Sugar Company obtained loan from Bank-pawnee c by pledging stocks of sugar and loan not repaid-Interim order by High Court directing disbursal of certain amounts realised on sale proceeds for satisfying with-Held: Pawnee has right to retain goods pledged for payment of debt including interest on debt and all necessary expenses incurred by it-Rights of the bank as pawnee over pawned sugar prevailed over the claims of cane D growers and workmen, who were only unsecured creditors since
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