Supreme Court · 2015 INSC 552 · Decided 7 August 2015
Laxmi Fibres LTD. v. AP. Industrial DEV. CORPN. LTD. & ORS.
- Court
- Supreme Court of India
- Citation
- 2015 INSC 552 · [2015] 8 S.C.R. 829
- Case number
- CIVIL APPEAL No. 5805/2005
- Decided
- 7 August 2015
- Bench
- VIKRAMAJIT SEN, SHIVA KIRTI SINGH (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act
Headnote
State Financial Corporations Act, 1959 - s. 29 - Power A B of Official Liquidator- To adjudicate and quantify the claim C of statutory corporations who have been permitted by the Company Judge to stand outside the liquidation proceeding subject to certain conditions - Held: Official Liquidator to sit in adjudication and decide entitlement of the financial corporation when it has opted to D stand outside the liquidation proceeding as a secured creditor - They will not.be reduced to the status of unsecured creditors and equally will not be required to prove their debt which they are
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