Supreme Court · 1968 INSC 311 · Decided 22 November 1968
J. K. (Bombay) (P) LTD. v. New Kaiser-I-Hind SPG. & WVG. CO. LTD. & ORS. ETC.
- Court
- Supreme Court of India
- Citation
- 1968 INSC 311 · [1969] 2 S.C.R. 866
- Case number
- CIVIL APPEAL No. 1399/1968
- Decided
- 22 November 1968
- Bench
- J.M. SHELAT, VISHISHTHA BHARGAVA, C.A. VAIDYIALINGAM (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution; Companies Act
Headnote
Companies Act I of 1956 Ss. 391, 392 & 433-Scheme under s. 391- Scope and nature of-Effect on right of creditors and other parties-On scheme becoming unenforcetible if parties bound to operate it or Company to be wound up-Obligations undertaken by management to 'provide' finance for working coin· 1nercial sense, i.e., with prospect of making profits. Mortgage-Agreed to be executed under scheme in favour of un­ secured creditors-Not executed at date of winding up-If amounted to charge in presenti in favour of the creditors. On a winding-up petition being filed in respect of
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