CourtKutchehry.com
Supreme CourtFull Bench(2004) 04 SC CK 0030

Mardia Chemicals Ltd. and Another vs Union of India (UOI) and Others

Supreme Court Of India · Decided on 8 April 2004 · Citation: (2003) 6 SCALE 7 : (2003) 9 SCALE 185

HON’BLE JUDGES
V. N. Khare, J · Ashok Bhan, J · Arun Kumar, J
RESULT
Disposed Of
CASE NUMBER
Special Leave Petition (Civil) Nos. 5013, 9658, 11089, 11267, 11268, 15566, 17465 of 2003 and Special Leave Petition @ C.C. No. 10728 and S.L.P. (C) No. 6723 of 2003

CourtKutchehry membership

More clarity. Every judgment.

Download court copies, explore connected cases and make more of every research session.

Loading membership options…

Ask AI about this case

AI Structured Summary

Not yet generated for this judgment

Judgment

18 paragraphs · 507 words

W.P.(C)No. 541/2002

1.

Issue notice.

2.

Mr. S.N. Terdol, learned counsel, accepts notice on behalf of the U.O.I. Mr. Mukul Rohtagi, learned Additional Solicitor General prays for and is allowed two weeks' time to file counter affidavit. Rejoinder affidavit, if any, be filed in another two weeks. So far as respondent No. 2 is concerned, dasti service is also permitted in addition to usual mode of service. Notice shall indicate that the Bank may file counter affidavit within two weeks from the date of the receipt of such notice.

3.

Issue notice on prayer for interim relief also. Meanwhile, it would be open to the secured creditors to proceed against the borrowers under sub-clauses (2) & (4) of Clause 13 of the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002. However, they shall not part with the assets of the borrower by way of lease, assignment or sale.

4.

It is made clear that this order will not preclude the secured creditors from taking recourse to any other alternatives provided under Clause 13(4) of the Ordinance.

In S.L.P.(C) No. 19787/2002

5.

When this matter was taken up, Mr. Mukul Rohtagi, learned Additional Solicitor General, stated that as and when the respondents obtain the consent of other secured creditors , they shall intimate the same to the petitioners and at any time when a cause of action arises, it will be open to the petitioners to challenge the proceedings.

6.

In view of the said statement, the SLP is dismissed as withdrawn.

T.P.(C) Nos. 724-727/2002

7.

Issue notice.

8.

Mr. Bharat Sangal, learned counsel, accepts notice on behalf of IDBI. Mrs. P.S. Shroff, learned counsel, accepts notice on behalf of ICICI Bank, L.I.C. of India & IndusInd Bank Ltd. Mr. S.N. Terdol, learned counsel, accepts notice on behalf of the U.O.I. They do not propose to file any counter affidavit. We, therefore, proceed to decide the matter in the absence of any counter affidavit.

9.

The Transfer Petitions are allowed. CWP Nos. 5654, 5655, 5792 & 5798/2002 pending before the High Court of Delhi shall stand transferred to this Court and be heard along with W.P.(C)No. 541/2002.

10.

Signed order in transfer petitions is placed on the file.

11.

Issue notice.

12.

Mr. Bharat Sangal, learned counsel, accepts notice on behalf of IDBI. Mrs. P.S. Shroff, learned counsel, accepts notice on behalf of ICICI Bank, L.I.C. of India & IndusInd Bank Ltd. Mr. S.N. Terdol, learned counsel, accepts notice on behalf of the U.O.I. They do not propose to file any counter affidavit. We, therefore, proceed to decide the matter in the absence of any counter affidavit.

13.

Heard counsel.

14.

We are satisfied that the petitioners have made out a case for transfer of the writ petitions pending before the High Court of Delhi to this Court. We, accordingly, direct that civil Writ Petition Nos. 5654, 5655, 5792 & 5798/2002 shall stand transferred to this Court and be heard along with W.P.(C) No. 541/2002.

15.

The Transfer Petitions are, accordingly, allowed.