IFCI Factors Limited vs Bank of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

DELHI HIGH COURT
AMIT BANSAL
IFCI Factors Limited – Appellant
Versus
Bank of India – Respondent

Table of Content
1. factual background of the case (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10)
2. arguments of the parties (Para 12 , 14)
3. court's observations on creditor hierarchy (Para 13 , 15 , 17)
4. ratio decidendi on secured creditors (Para 16)
5. conclusion and order (Para 18 , 19 , 20 , 21)

JUDGMENT

Amit Bansal, J. (Oral)

1. The present suit has been filed seeking recovery of a sum of Rs.1,15,36,076/- along with pendent lite and future interest.

2. Originally, the suit was filed impleading only the defendant no.1 Bank as a party. Subsequently, vide order dated 14th May, 2018, the defendants no.2 to 4 were impleaded as parties in the suit. Vide order dated 6th May, 2019, the defendant no.3 was deleted from the array of parties.

3. The plaintiff company is engaged in the business of providing financial facilities to its clients and customers. The defendant no. 1 is a nationalized bank. The defendant no.2 company is engaged in the business of sub-distribution of computer hardware. The defendant no.3 is the Deputy Commissioner of Income Tax, Circle 12(1), New Delhi.

4. It is the case of the plaintiff company that the defendant no.2 had approached the plaintiff company to

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DELHI HIGH COURTAMIT BANSALIFCI Factors Limited – AppellantVersusBank of India – Respondent

DELHI HIGH COURT
AMIT BANSAL
IFCI Factors Limited – Appellant
Versus
Bank of India – Respondent