Supreme Court of India

Suzuki Parasrampuria Suitings Pvt. Ltd. v. The Official Liquidator of Mahendra Petrochemicals Ltd. (in Liquidation) and Others

Neutral citation

Bench Ranjan Gogoi, Navin Sinha and K. M. Joseph JJ.

Decided 8 October 2018

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

In view of the aforesaid provisions contained in the SARFAESI Act, I am of the view that when the applicant company is not a bank or banking or financial institution or securitization company or reconstruction company, the applicant cannot be permitted to be substituted in place of IFCI as secured creditor for the purpose of SARFAESI Act.

Judgment, page 6

From the headnote

Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 – Company Petition filed for winding up of one M/s. MPL – M/s. MPL was also referred for rehabilitation to the Board for Industrial and Financial Reconstruction (BIFR) – During pendency of the same, without permission or knowledge of the BIFR, M/s. MPL entered into an MOU with the sister concern of the appellant for leasing out its properties to the appellant for 20 years for repayment of its debt – Industrial Finance Corporation of India Ltd. (IFCI) was secured creditor of M/s. MPL and held first charge over the assets of M/s. MPL for outstandings of Rs.160 Crores…

Authorities it was built on

2011 The Joint Action Commitiee of Airlines Pilots Associations of India & Ors. v. The Director General of Civil Aviation & Ors. cited by 9
2011 Amar Singh v. Union of India & Ors. cited by 8

Where later benches applied it

2021 Adani Gas Limited v. Union of India & Ors. relied on
2020 Jaipur Vidyut Vitaran Nigam Ltd. & Ors. v. Adani Power Rajasthan Limited & Anr. relied on
2025 Sanjit Singh Salwan & Ors. v. Sardar Inderjit Singh Salwan & Ors. referred to
2024 M/s Bharti Airtel Limited v. A.S. Raghavendra referred to
2019 Union of India v. Association of Unified Telecom Service Providers of India Etc.etc. referred to

Of those, 2 relied on · 3 referred to

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