Supreme Court of India
Jaipur Metals & Electricals Employees Organization through General Secretary Mr. Tej Ram Meena v. Jaipur Metals & Electricals Ltd. through its Managing Director & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
5 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the view that the NCLT was absolutely correct in applying Section 238 of the Code to an independent proceeding instituted by a secured financial creditor, namely, the Alchemist Asset Reconstruction Company Ltd.
Judgment, page 15
From the headnote
Insolvency and Bankruptcy Code, 2016 – ss.7, 238 – Respondent No.1-company became a non-performing asset – Board for Industrial and Financial Reconstruction (BIFR) was of prima facie opinion that the company ought to be wound up and same was forwarded to the High Court – High Court registered the case as a Company Petition – Respondent No.3 acquired financial debts of Respondent No.1 – After some time, respondent no.3 filed application u/s.7 of the Code before the National Company Law Tribunal (NCLT) stating that it had an assigned debt owed to it by the respondent No.1 – NCLT by order dated…
Where later benches applied it
- 2021 A. Navinchandra Steels Private Limited v. Srei Equipment Finance Limited & Ors.
- 2019 Municipal Corporation of Greater Mumbai (mcgm) v. Abhilash Lal & Ors.
- 2022 Punjab National Bank v. Mr. Vijay Sitaram Dandnaik & Anr.
- 2020 Action Ispat and Power Pvt. Ltd. v. Shyam Metalics and Energy Ltd.
- 2019 Forech India Ltd. v. Edelweiss Assets Reconstruction Co. Ltd.
Of those, 2 relied on · 1 referred to · 2 mentioned
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