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IFCI is a public financial institution and entitled to invoke the Securitisation Act – SC
Case Law Details
- Case Name
- M/s. Bharat Steel Tubes Ltd. etc. Vs. IFCI Ltd. & Ors. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
The Supreme Court last week ruled that Industrial Finance Corporation of India is a ‘public financial institution’ under Section 4A of the Companies Act and it was entitled to invoke the Securitisation Act to enforce a “security interest”. Upholding the view of the Delhi high court in the appeal case, Bharat Steel Tubles Ltd vs IFCI, the apex court stated that the conversion of the IFCI into a company did not alter its position and status as a financial institution in view of Section 5 of the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act. All matters, includin...
