Supreme Court · 2019 INSC 1318 · Decided 4 December 2019
The Maharashtra State Co-Operative Bank LTD.V. Babulal Lade & ORS. v. Babulal Lade & ORS.
- Court
- Supreme Court of India
- Citation
- 2019 INSC 1318 · [2019] 14 S.C.R. 485
- Case number
- CIVIL APPEAL No. 232/2016
- Decided
- 4 December 2019
- Bench
- MOHAN M. SHANTANAGOUDAR, KRISHNA MURARI (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 529A; SARFAESI Act Section 13(7), 13(4); Land Revenue Code Section 169
Headnote
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: s.13(7) - Whether employees dues can take precedence over the claim of secured creditor - In the instant case, respondent no.6-Society (Karkhana) obtained credit facilities its properties in return - Default in repayment of loan amount - Recovery proceedings by appellant-Bank under s.13(2) against Karkhana - Owing to its poor financial condition, Karkhana issued notice to the employees to proceed on leave without pay - Representatives
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