Introduction
Facts
Questions of law
Decision
Comment
Questions around the interplay between the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, the Sick Industrial Companies (Special Provisions) Act 1985, the Recovery of Debts Due to Banks and Financial Institutions Act 1993 and the Companies Act 1956 have frequently arisen in various high courts and the Supreme Court.
In a recent decision by the Supreme Court in M/S Madras Petrochem Ltd v BIFR,(1) this interplay was exhaustively revisited. In particular, the Supreme Court considered whether the protection available to a sick industrial company under Section 22 of the Sick Industrial Companies (Sp…
Read the full article at: http://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/India/Phoenix-Legal/Supreme-Court-clarifies-protection-of-sick-industrial-companies