Search Results for "Companies Act Section 529A"

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Search Results for "Companies Act Section 529A"

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Supreme Court

Supreme Court Allows Secured Creditor's Appeal in Customs Duty Priority Dispute Over Wound-Up Company's Hypothecated Goods. Held that customs authorities do not have priority over secured creditors under Section 529A of Companies Act, 1956 for sale of warehoused goods under Customs Act, 1962.

1 Sep 2023

The appeal by Industrial Development Bank of India (IDBI) challenged the judgment of the Andhra Pradesh High Court which held that customs authorities...

Supreme Court

Supreme Court Allows Secured Creditor's Appeal in SARFAESI Act Priority Dispute — Employees' Dues Cannot Override Bank's Claim Over Sale Proceeds of Co-operative Society's Assets. The Court held that Section 529A of the Companies Act, 1956 does not apply to co-operative societies due to Section 167 of the Maharashtra Co-operative Societies Act, 1960, and employees' dues recoverable as arrears of land revenue do not create a paramount charge over secured assets.

4 Dec 2019

The appeal arose from a dispute between the Maharashtra State Co-operative Bank Ltd. (appellant) and employees of Vainganga Sahakari Sakhar Karkhana L...

High Court

Bombay High Court Dismisses Appeals by Employees' Union and Individual Claimant in Company Liquidation Dispute — Upholds Official Liquidator's Decision to Reject Claims as Time-Barred Under Section 529A of Companies Act, 1956. The court held that workmen's dues, though entitled to priority, must be claimed within the limitation period prescribed under Rule 148 of the Company Court Rules, 1959.

8 Aug 2019

The case involves two appeals filed by the Kamani Employees' Union and Mrs. Triveni A. Kulkarni against the Official Liquidator and others. The disput...

High Court

Bombay High Court Quashes Sales Tax Notices Against Axis Bank in Liquidation Proceeding — No Liability for Tax Deducted at Source Under MVAT Act After Company's Winding Up. The Court held that the State cannot recover tax from a secured creditor who had no obligation to deduct tax at source under Section 42 of the Maharashtra Value Added Tax Act, 2002, as the deduction obligation arises only when payment is made to the dealer, and after winding up, the Official Liquidator is the proper authority.

7 Mar 2017

The petitioner, Axis Bank Ltd., a banking company, filed a writ petition under Article 226 of the Constitution of India before the Bombay High Court s...

High Court

Bombay High Court Allows Debenture Trustee's Claim for Payment from Suit Amount Held by Court Receiver in Priority Over Assignee of Decree. The court held that an assignee of a decree steps into the shoes of the assignor and cannot claim priority over the original decree holder who is a debenture trustee.

23 Nov 2016

The dispute arose from a suit filed by ICICI Bank Ltd. (plaintiff) as debenture trustee for holders of 15% non-convertible debentures issued by Pal Pe...

High Court

Bombay High Court Directs Official Liquidator to Adjudicate Workmen's Claims in Winding Up of KMA Ltd. Under Sections 529A and 530 of Companies Act, 1956. Industrial Court's Order on Unpaid Wages Held Binding on Official Liquidator.

6 Jan 2016

The judgment concerns two company applications filed in the winding up of KMA Ltd. (in liquidation). Company Application No.593 of 2011 was filed by a...

High Court

Bombay High Court Directs Official Liquidator to Adjudicate Workmen's Claims in Winding Up of KMA Ltd. Under Sections 529A and 530 of Companies Act, 1956. The court held that the Official Liquidator must consider the Industrial Court's order dated 2 July 2005 in adjudicating claims of workmen.

6 Jan 2016

The judgment concerns two company applications filed in the winding up proceedings of KMA Ltd. (in liquidation). Company Application No. 593 of 2011 w...

High Court

Bombay High Court Declares Assignment of Assets by Ex-Director Void Under Sections 536(2) and 537(1)(b) of Companies Act, 1956 — Post-Winding Up Sale Without Court Leave Invalid. The court held that any disposition of company property after winding up without court approval is void, and subrogation does not permit sale of assets without leave of the court.

21 Oct 2015

The judgment concerns two reports filed by the Official Liquidator seeking a declaration that a Deed of Assignment dated 14.03.2012 executed by Mr. Sh...

High Court

Bombay High Court Allows State of Kerala's Claim for Sales Tax Arrears in Liquidation, Holding Section 26B of Kerala General Sales Tax Act Overrides Companies Act Priority. The court directed the Official Liquidator to release Rs.68,55,885/- to the State, recognizing the first charge created by Section 26B over the claims of secured creditors and workmen.

11 Aug 2010

The State of Kerala filed an application before the Bombay High Court seeking an order directing the Official Liquidator of Poysha Industrial Company ...

High Court

Bombay High Court Dismisses Bank's Writ Petitions Against Labour Court Orders in Recovery Proceedings Under Section 33C(2) of Industrial Disputes Act, 1947 — Held That Assignee Bank Steps Into Shoes of Transferor and Is Liable for Pre-Transfer Claims of Workmen.

30 Nov -0001

The petitioners, the Authorized Officer and Chairman & Managing Director of IDBI Bank (Stressed Assets Stabilization Fund), filed four writ petitions ...

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