Supreme Court of India
Kotak Mahindra Bank Limited v. Girnar Corrugators Pvt. Ltd. & 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.
What the Court ordered
In view of the above and further reasons stated above, the impugned judgment and order passed by the Division Bench of the High Court is unsustainable and the same deserves to be quashed and set aside.
Judgment, page 13
From the headnote
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) – ss. 13(2), 13(4), 14, 17, 26E – Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) – ss. 15-23, 24 – Whether the MSMED Act would prevail over the SARFAESI Act and whether recovery proceedings/recoveries under MSMED Act would prevail over the recoveries made/recovery proceedings under provisions of the SARFAESI Act – Held : Sec 15 to 23 of the MSMED Act provides a special mechanism for adjudication of dispute between buyer and seller – But does not provides…
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