Supreme Court of India
Stressed Assets Stabilization Fund v. West Bengal Small Ind. Development Corporation Ltd. and Anr.
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.
What the Court ordered
We are of the opinion that the serving of cancellation notice simpliciter would not come within the mischief of this section as that by itself does not amount to attachment, distress or execution, etc.
Judgment, page 7
From the headnote
Companies Act, 1956 – s. 535 – Sick Industrial Companies (Special Provisions Act) 1985 – s. 20 – Second respondent, a company was allotted Industrial premises by the State on lease – The company secured advances from IDBI through equitable mortgages of the leasehold property – Then the company went into liquidation – Pursuant thereto, the High Court appointed a official liquidator – IDBI, through a deed of assignment, unconditionally transferred all loans and advances granted by it, to Stressed Assets Stabilization Fund (SASF), including the loans and securities in relation to the second…
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