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It is respectfully submitted that the recovery proceedings against the Guarantor before hon’ble Debts Recovery Tribunal under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter ‘the Act’) are absolutely unlawful. DRT has no jurisdiction to proceed against the Guarantor as he has not taken any debt, which he has to repay.
It is to be noted that a settlement is an admixture of gift or partition or trust. In law, a family arrangement/settlement is accepted as a transfer of interest in the property in favour of an individual between whom the family arrangement or settlement is so made. Just because a deed/instrument answers the description of a ‘Trust Deed’, it does not cease to be a ‘settlement’ for the purpose of stamp duty, if it answers the description of ‘settlement’ also. As a matter of fact, a deed of trust/trust deed can also be a settlement deed.
All LLPs registered upto 30-September-2011 have to mandatorily close their financial year as on 31-03-2012 and file Form-8 by 30th October-2012. LLPs registered from 01-10-2011 to 31-03-2012 have option either to close financial year as on 31-03-2012 or 31-03-2013 and to file both Form-8 & 11 accordingly.Please note that if LLP fails to file Form-8 within prescribed time, an additional fees of Rs. 100/- is payable per day till date of filing.
When an order passed by this Court it is to be considered by the public at large and the same concluded at the instance of this Court. Then it is the duty of this Court to give respect to its order by giving sanctity more than, over and above the highest bid.
A creditor can maintain a winding up petition if he complies with the provisions of Sections 433, 434 and 439 of the said Act of 1956. In the present case, the respondent-Bank was admittedly a creditor of the company. The company did not dispute such relationship. The company did not dispute receipt of the notice, hence, the winding up petition was maintainable.
Gazette Notification Dt. 27th March, 2012 issued by Department of Economic Affairs (Infrastructure Section), Ministry of Finance on “Harmonised Master list of Infrastructure sub-sectors” and amended by Department of Economic Affairs from time to time by way of new notification.
As per Section 6 of the SICA, the member/Chairman can hold an office for a period of not exceeding 5 years or till he or she attains the age of 65 years. ACC is the competent authority, who has to take decision out of the proposal made by the concerned Ministry. In the present case, note prepared by the Secretariat of ACC and proposal sent by the Ministry were put up before the ACC. After perusing the same, the ACC approved the appointment of respondent no. 4 till he attains the age of 65 years or till abolition of BIFR or until further orders, whichever event occurs the earliest.
This court vide order dated 15.9.2006 gave a clear mandate to the respondent no.4 to seek permission of the court before entering into any sale transaction but the respondents no.1 to 4 in utter disregard and blatant defiance of the said injunction order kept on selling its lands to various buyers who are also now facing the brunt of contumacious and contemptuous conduct of the respondents no. 1 to 4.
In the facts of a given case, the Court is always vested with the power to delete the name of the parties who are neither necessary nor proper to the proceedings before the Court. In the cases of group companies or where various agreements constitute a composite transaction like mother agreement and all other agreements being ancillary to and for effective and complete implementation of the Mother Agreement
The view taken in Pushpa Devi Bhagat’s case (supra) is in relation to the authority given to an Advocate to act on behalf of a party to a proceeding in the proceedings itself, which cannot stand satisfied where a provision such as Section 31(5) of the 1996 Act is concerned. The said provision clearly indicates that a signed copy of the Award has to be delivered to the party.
