Bhaven (Professional) 14 September 2012

Urgent: sica

Dear Members,

Kindly help me with a judgment of either Delhi or Allahabad High Court in the case of M/s Shamken Ltd wherein the High Court held that reference before BIFR would not abate vide 3rd proviso to Section 15(1) of SICA as SARFAESI action was taken on surplus assets of the company.

Pls assist urgently.

Thankyou

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5 Replies

Sagnik (Management Trainee) 14 September 2012

Are u sure that there is a judgement of that nature ?? Becasue I too am in need of it. I have perused the judgement given by Allhabad High Court in the case of SHAMKEN MULTIFAB LTD Vs. ARCIL & Ors it seems that the matter is regarding whether Hon. Company Court can entertain certain matters which SICA ought to have entertained

Regards,
Sagnik Sanyal

Bhaven (Professional) 14 September 2012

Dear Sagnik,

I tried the Info System of Delhi HC and Allahabad HC but found nothing of that sort. However, BIFR has itself taken cognizance of this judgment. As far as I know, it was held by Hon'ble AAIFR and subsequently upheld by the HC.

Do share any information on the same.

regards,

Bhaven Shah

Sagnik (Management Trainee) 14 September 2012

Can you give me the case title ? Is it SHAMKEN SPINNERS or SHAMKEN MULTIFAB & who is the repondent ? I am really in need of this. If the case is there then it'll be really useful for me. Thanx

Regards,

Sagnik sanyal

Bhaven (Professional) 20 September 2012

The closest I got was Division Bench judgment in the case of Assets Reconstruction Co. India Pvt Ltd vs. Shamken Spinners delivered by the Delhi High Court on 22nd November, 2010. You may see if its helpful. However, it adjudicates with regard to the 2nd proviso to Section 15(1) of SICA and not the 3rd proviso. I have attached the said judgment.

Regards,

Bhaven Shah

Attached File : 276904886 vjm22112010cw95572007.pdf downloaded: 149 times