Supreme Court · 2003 INSC 87 · Decided 14 February 2003
Kailash Nath Agrawal and ORS. v. Pradeshya INDST. & INV. CORP. of U.P. and ANR.
- Court
- Supreme Court of India
- Citation
- 2003 INSC 87 · [2003] 1 S.C.R. 1159
- Case number
- CIVIL APPEAL No. 1317/2003
- Decided
- 14 February 2003
- Bench
- RUMA PAL, B.N. SRIKRISHNA (2-judge bench)
- Outcome
- Leave Granted & Dismissed
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 128
Headnote
B Sick Industrial Companies (Special provisions) Act, I985 : Sections 3(/) and 22(1): Loan given by a Government Company to a C private company against security and bonds of guarantee-Debtor company declared sick-BJ FR initiated action/or its revival-Issuance of demand notices to debtor/Guarantor Act­ Challenge to-Writ Petition dismissed by High Court-On appeal, Held, the object of SICA is to facilitate rehabilitation/winding up of sick industry and not lo protect guarantor-Jn the absence of anything contrary to the joint and D several liability of guarantor in the contracts of loan
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