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SUPREME COURT OF INDIA

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CASE NO.:

Appeal (civil) 2332 of 2006

PETITIONER:

ICICI BANK LTD.

RESPONDENT:

SIDCO LEATHERS LTD. & ORS.

DATE OF JUDGMENT: 28/04/2006

BENCH:

S.B. Sinha & P.K. Balasubramanyan

JUDGMENT:

J U D G M E N T

(Arising out of S.L.P. (C) No.23360/2004)

S.B. SINHA, J :

Leave granted.

Interpretation of Sections 529 and 529-A of the Companies Act, 1956

is involved in this appeal, which arises out of a judgment and order dated

4.8.2004 passed by the High Court of Judicature at Allahabad in Special

Appeal No.698 of 2002 affirming the judgment and order dated 24.5.2002

passed by a learned Singh Judge of the said Court.

The appellant herein is a Banking Company. It, along with Industrial

Finance Corporation of India (IFCI) and Industrial Development Bank of

India (IDBI), advanced the following amounts by way of loan to Respondent

No.1 with a view to give financial assistance to it in setting up a plant for

manufacture of leather boards:

a) IDBI Rupee Term Loans of Rs.193.2 lacs and

Foreign Currency loan of Italian Lira 1380900,000.

b) IFCI Rupee Term Loans of Rs.196.74 lacs,

Central Investment s