{"id":6311,"date":"2014-11-05T11:11:00","date_gmt":"2014-11-05T11:11:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=6311"},"modified":"2015-10-14T15:35:45","modified_gmt":"2015-10-14T10:05:45","slug":"section-22-of-sica-prevails-over-the-provisions-of-recovery-of-debts-in-the-rddb-act","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2014\/11\/05\/section-22-of-sica-prevails-over-the-provisions-of-recovery-of-debts-in-the-rddb-act\/","title":{"rendered":"Section 22 of SICA prevails over the provisions of recovery of debts in the RDDB Act"},"content":{"rendered":"

Supreme Court<\/span><\/b>: Holding that the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), especially Section 22 prevails over the provisions of recovery of debts in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB Act), the 3-judge bench of H.L. Dattu, C.J. and S.A. Bobde and A.M. Sapre, JJ said that where actions under the two laws may seem to be in conflict, Parliament has wisely preserved the proceedings under the SICA, by specifically providing for sub-section (2) of S. 32 of SICA, which lays down that the RDDB Act shall be in addition to and not in derogation of the SICA.<\/o:p><\/span><\/p>\n

In the present case, the conflict arose between Section 22 of the SICA which purports to make untenable \u201cproceedings\u201d for recovery of the debt against the sick company and \u201csuits\u201d for recovery and Section 34 of the RDDB Act which contains an overriding effect to its own provision, obviously including those for recovery of debts. Explaing the difference between the purposes of both the Acts, the Court held that the purpose of SICA is to provide ameliorative measures for reconstruction of sick companies, and the purpose of RDDB Act is to provide for speedy recovery of debts of banks and financial institutions which makes both the Acts to be special. However, it was further held that with reference to the specific purpose of reconstruction of sick companies, the SICA must be held to be a special law, though it may be considered to be a general law in relation to the recovery of debts and vice-versa.<\/o:p><\/span><\/p>\n

Interpreting the term \u201cnot in derogation\u201d, the Court said that the term expresses the intention of Parliament not to detract from or abrogate the provisions of SICA in any way but the proceedings under SICA for reconstruction of a sick company to go on, further holding that Section 22 of SICA clearly covers and interdicts such an application for recovery made under the provisions of the RDDB Act. KSL & Industries Ltd. v. M\/s. Arihant Threads Ltd., <\/span>2014 SCC OnLine SC 846<\/a><\/font><\/span>, Decided on 27.10.2014<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Supreme Court: Holding that the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), especially Section 22 prevails over the provisions <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9],"tags":[2718],"class_list":["post-6311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supremecourt","tag-recovery_of_debt"],"yoast_head":"\nSection 22 of SICA prevails over the provisions of recovery of debts in the RDDB Act | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2014\/11\/05\/section-22-of-sica-prevails-over-the-provisions-of-recovery-of-debts-in-the-rddb-act\/\" 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The Insolvency and Bankruptcy Code, 2016","author":"Bhumika Indulia","date":"November 21, 2020","format":false,"excerpt":"by Amir Arsiwala* & Ishan J Ravindranath**","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":273268,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/08\/bombay-high-court-secured-creditor-revenue-department-who-has-priority-liquidation-of-dues-substantial-questions-framed-and-answered-legal-news-legal-research-legal-updates\/","url_meta":{"origin":6311,"position":3},"title":"Secured Creditor or Revenue Department- Who has priority over liquidation of their respective dues? Bombay HC frames and answers Seven substantial questions","author":"Editor","date":"September 8, 2022","format":false,"excerpt":"\u00a0 \u00a0 Bombay High Court: The issue before the Court in the instant matter was that between a secured creditor (defined in SARFAESI Act and Recovery of Debt and Bankruptcy Act), and the revenue departments of the Central\/State Governments, who can legally claim priority for liquidation of their respective dues\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Bombay High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216778,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/12\/bom-hc-statutory-disability-to-prosecute-accused-under-s-138-of-ni-act-is-not-removed-by-enforcement-of-sica-repeal-act\/","url_meta":{"origin":6311,"position":4},"title":"Bom HC | Statutory disability to prosecute accused under S. 138 of NI Act is not removed by enforcement of SICA Repeal Act","author":"Bhumika Indulia","date":"July 12, 2019","format":false,"excerpt":"Bombay High Court:\u00a0Rohit B. Deo, J. allowed a petition filed against the order of the trial court whereby it had issued process against the accused-petitioners for the offence punishable under Section 138\u00a0(dishonour of cheque)\u00a0of the Negotiable Instruments Act, 1881. The accused were a company registered under the Companies Act and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":287313,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/20\/unsecured-creditors-bound-to-accept-scaled-down-value-of-dues-vis-vis-object-and-purpose-of-sica-1985-legal-news-legal-research-updates\/","url_meta":{"origin":6311,"position":5},"title":"Unsecured creditors vis-\u00e0-vis object of SICA, 1985: Rehabilitation scheme binds all, holds Supreme Court","author":"Editor","date":"March 20, 2023","format":false,"excerpt":"To make the company viable, the unsecured creditor would have to sacrifice to some extent otherwise the revival efforts would fail, observed the Supreme Court..","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Unsecured creditors","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/6311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=6311"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/6311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/7321"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=6311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=6311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=6311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}