Back
HIGH COURT OF RAJASTHAN (JAIPUR BENCH)
SANJEEV PRAKASH SHARMA, SANGEETA SHARMA
Lords Chloro Alkali Ltd., Through Its AGM (Accounts And Finance) Subsequently Through Mr. Rajiv Kumar Authorised Representative – Appellant
Versus
State Of Rajasthan, Through Secretary Industries Department Government Of Rajasthan, Jaipur – Respondent
JUDGMENT :
SANJEEV PRAKASH SHARMA, ACJ.
1. By way of this appeal, the writ petitioner assails the judgment passed by the learned Single Judge whereby, he dismissed the writ petition rejecting the prayer made by the petitioner for quashing the notices issued by the respondent No.2-Rajasthan State Industrial Development and Investment Corporation Ltd. (for short, 'RIICO'), for recovery of the amount of Interest Free Sales Tax Loan (hereinafter referred as 'IFSTL') alleged to be outstanding as against the petitioner-company.
2. The brief facts which have come on record are that the petitioner-company earlier known as Modi Alkalies & Chemicals Limited had availed two loans for the period from 1985-1991 from RIICO as under:
"i. Interest Free Sales Tax Loan (IFSTL) under the IFSTL Scheme, 1976 of a sum of Rs. 257.53 lakhs.
ii. Term Loan (TL) of Rs. Rs.81.68 lakhs from the RIICO."
3. On 30 June, 2000, the company filed a reference under Sick Industrial Companies (Special Provisions) Act, 1985 (for brevity, 'SICA') before the Board for Industrial and Financial Reconstruction (for short, 'BIFR') and vide order dated 15th January, 2002, the petitioner-company was declared as a sick company within
The scheme sanctioned by the State Government under the SICA has over-riding effect, and a court executing a decree cannot go behind the decree.
On approval of a scheme by BIFR under Sick Industrial Companies (Special Provisions) Act, 1985, unsecured creditors has option not to accept scaling down value of its dues and to wait till rehabilita....
The main legal point established in the judgment is that the modification of a rehabilitation scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 must be in accordance with the ....
The Sick Industrial Companies (Special Provisions) Act, 1985 prevails over prior agreements, enforcing conditions under Section 25F for retrenchment, thus nullifying conflicting claims based on earli....
The order of the BIFR is appealable under section 25 of SICA and the writ application is not entertainable. The jurisdiction of the BIFR to give direction to the Authority providing services to the S....
The suspension of legal proceedings under Section 22(1) of the Sick Industrial Companies Act applies only to ongoing proceedings that would threaten the rehabilitation of sick companies, not to mere ....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
