Supreme Court · 2006 INSC 1003 · Decided 13 December 2006
Southern Petrochemicals Industries Corporation LTD. v. Administrator of Specified Undertaking of Unit Trust of India and Ors
- Court
- Supreme Court of India
- Citation
- 2006 INSC 1003 · [2006] SUPP. 10 S.C.R. 932
- Case number
- CIVIL APPEAL No. 5782/2006
- Decided
- 13 December 2006
- Bench
- B.P. SINGH, ALTAMAS KABIR (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 4
Headnote
Recovery of Debts Due to Banks and Financial Institutions Act, 1993: C Sections 2(g), (h), 17, 19(1), (2) and 34. Financial institutions-Under a common loan agreement executed between the UT!, IDBI, IFCI and /CIC/ and the company a sum of Rs. 101- crores was advanced to the company for a sum of Rs. 25 crores against privately placed debentures-The company D accumulated liabilities exceeding Rs. I, 0001- crore and defaulted in its obligation to the UT/ under the common agreement-UT! filed a claim under the DRT Act-Company filed an objection alleging that the Administrator
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