secured creditors Archives

IBC overrides Electricity Act; Supreme Court explains hierarchy for settling dues in insolvency cases

In the case at hand, PVVNL had argued that the rights of electricity suppliers were not subordinate and subject to the ‘priority of claims’ mechanism under the IBC.

Case Briefs Supreme Court

SARFAESI Act recoveries with respect to the secured assets to prevail over the recoveries under the MSMED Act: Supreme Court

The Supreme Court considered the provisions of Section 15 to 23 read with Section 24 of the MSMED Act and the provisions of SARFAESI Act and stated that there is no repugnancy between the two enactments and no conflict between the specific subject of ‘priority' . It, hence, upheld the subsequent enactment of law with non-obstante clause in SARFAESI Act over MSMED Act.

Case Briefs High Courts

Secured Creditor or Revenue Department- Who has priority over liquidation of their respective dues? Bombay HC frames and answers Seven substantial questions

Bombay High Court: The issue before the Court in the instant matter was that between a secured creditor (defined in

Case Briefs High Courts

Bombay High Court| S. 14 of SARFAESI Act empowers the Designated Authority only to assist secured creditors in taking possession of secured assets and nothing more

Bombay High Court: While deciding the instantwrit petition wherein the issue was regarding transgression of Additional District Magistrate’s jurisdiction under Section 14

Case Briefs High Courts

Whether proceedings be entertained for recovery of money realized by sale of assets of company against which winding up proceedings are pending? Rajasthan High Court analyses

Rajasthan High Court: In a case where the secured creditors like Unit Trust of India (‘UTI’) and a workman have preferred their