I.A. No. 6 of 2014 in SLP(C) No. 27304 of 2012. Case: Bharat Steel Tubes Ltd. and Anr. Vs Official Liquidator and Anr.. Supreme Court (India)
| Case Number | I.A. No. 6 of 2014 in SLP(C) No. 27304 of 2012 |
| Judges | Balbir Singh Chauhan and Jasti Chelameswar, JJ. |
| Issue | Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Section 13(2); Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Section 17 |
| Citation | 2014 (4) SCALE 671 |
| Judgement Date | April 07, 2014 |
| Court | Supreme Court (India) |
Judgment:
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The first applicant Company was directed to be wound up by an order dated 14.8.2003 of the Delhi High Court in Company Petition No. 55/2000 and C.A. Nos. 1168/2002 & 343/2003 pursuant to the recommendations' of the Board for Industrial & Financial Reconstruction, New Delhi. By an order dated 03.09.2012 a Division Bench of the Delhi High Court upheld the order of winding-up passed by the learned Company Judge. Aggrieved by the same, Special Leave Petition (Civil) No. 27304 of 2012 is carried to this Court.
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This Court while issuing notice on 13.09.2012 directed the parties to maintain status-quo regarding the assets of the Petitioner Company during the pendency of the Special Leave Petition. Subsequently, various orders came to be passed by this Court, the details of which may not be necessary for the present purpose.
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Proceedings under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 came to be initiated against the first Petitioner Company in the year 2009. The Petitioner filed an application registered as SA No. 370 of 2010 invoking Section 17 of the abovementioned Act. While entertaining the application, the Debts Recovery Tribunal passed certain interim orders. Aggrieved by the same the second Respondent Bank (creditor of the company) herein filed a Writ Petition (Civil) No. 6652 of 2010 before the High Court of Delhi seeking various relief's including a prayer for permission to proceed with the sale of the secured assets of the Petitioner Company. The Delhi High Court allowed such a prayer.
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Aggrieved by the said order, a Special Leave Petition (Civil) No. 29421 of 2010 was brought to this Court. The said Special Leave Petition was disposed of by an order dated 30.11.2010 by giving various directions. This led to further litigation, the details of which may not be necessary for the present purpose.
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In the meanwhile, the application (SA No. 370 of 2010) originally filed by the Petitioner before the Debts Recovery Tribunal came up for hearing in which orders...
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