Supreme Court · 2016 INSC 107 · Decided 29 January 2016
M/S Madras Petrochem LTD. & Anr v. Bifr& ORS.
- Court
- Supreme Court of India
- Citation
- 2016 INSC 107 · [2016] 11 S.C.R. 419
- Case number
- CIVIL APPEAL No. 614/2016
- Decided
- 29 January 2016
- Bench
- KURIAN JOSEPH, R.F. NARIMAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Arbitration Act; Companies Act; SARFAESI Act Section 13(2), 13(4), 13(9), 41, 35
Headnote
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) - ss. 13, 35, 37 and 41 - Sick Industrial Companies (Special Provisions) ·Act, 1985 (SICA) - ss. 15; 22 and 32 - Whether the SARFAESI Act prevails over the SICA Act - Held: extent of inconsistency therewith - Where a secured creditor of a sick industrial company seeks to recover its. debt in the manner provided by s.13 (2) of the SARFAESI Act, such secured creditor may realise such secured debt uls. 13(4) of the SARFAESI Act, notwithstanding the provisions of s.22 of
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