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MANINDRA MOHAN SHRIVASTAVA, PRAVEER BHATNAGAR
Swadeshi Cement Limited, New Delhi – Appellant
Versus
Asset Care Enterprise Ltd. , New Delhi – Respondent
| Table of Content |
|---|
| 1. factual background of the company and its rehabilitation process. (Para 1 , 2 , 3 , 4 , 5) |
| 2. arguments contesting the abatement of the rehabilitation proceedings. (Para 6 , 8) |
| 3. legal criteria regarding secured creditors under sica and sarfaesi. (Para 7 , 16) |
| 4. court observations on the definition of secured creditor. (Para 9 , 10 , 11) |
| 5. further arguments and counterarguments regarding the application of sica and sarfaesi act. (Para 12 , 13 , 14) |
| 6. final analysis regarding the validity of abatement. (Para 19 , 20 , 30) |
| 7. conclusion on the failure of the appellant's appeal. (Para 22 , 40) |
| 8. interpretation of sica and implications for secured creditors. (Para 28 , 29 , 32) |
JUDGMENT :
Manindra Mohan Shrivastava, C.J.
1. Instant appeal is directed against the order dated 18.03.2010 passed by the learned Single Judge, whereby writ petition filed by the appellant-company, in the matter of challenge to the order dated 12.01.2009 of the Appellate Authority for Industrial and Financial Reconstruction (hereinafter referred to as ‘AAIFR’) as also the order dated 21.05.2007 passed by the Board of Industrial and Financial Reconstruction (hereinafter referred to as ‘BIFR’), has
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