Bank vs. Bhikhabhai Prabhudas Parekh & Co. & Ors., (2000) 5 SCC 694; Union of India & Ors. v. SICOM Limited & Anr.

S. Rajendran vs. The Deputy Commissioner of Income Tax (Benami Prohibition)

The appeals are dismissed with

Bench: HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA

…lvency proceedings cannot be utilised to convert property held for another into distributable assets for creditors. The IBC contemplates distribution of the debtor’s estate, not assets impressed with a trust or held on behalf of a third party. 20 (1981) 2 SCC 121 31 23. The reliance placed on Section 32A and the moratorium under Section 14 is answered on statutory grounds. Section 32A is event-based and triggered only upon approval of a resolution plan or completion of a liquidation sale to an unconnected third party. Absent such approval, the immunity does not arise. The provision does not valida…

D Siddayya vs. The State of Karnataka

Bench: The Hon’Ble Mr. Justice K. Somashekar

…ringent steps be taken by the Court to ensure that unjust claims of imposters are not protected in the exercise of the jurisdiction under Article 142.” - - - 18. Further, the Hon’ble Supreme Court in Nawabkhan Abbaskhan Vs. State of Gujarat in (1974) 2 SCC 121 has held that: “10. All these lines of approach have received judicial blessings from the House of Lords in the landmark cases of Ridge v. Baldwin. The legal choice depends not so much on neat logic but the facts of life – a pragmatic proposition. Where the law invests an authority with power to affect the behaviour of others what conseque…

Karnataka State Industrial Investment Development vs. Commissioner of Income Tax

In the result, this petition is allowed in part

Bench: The Hon'Ble Mr.Justice Ram Mohan Reddy

…o it, at the first instance. 10. Although Sri Thirumalesh, learned counsel for the Revenue places reliance upon the decision of the Apex Court in Union of India Vs. Somasundram Mills 1 (2009) 2 SCC 121 10 (P) Ltd., and another2 in support of the submission that general principle of law that debts due to the State are entitled to priority over all other debts, therefore, debts due to Income-tax department is a prior charge on the immovable properties, mortgaged in favour of the petitioner – Financial Corporation, that it is inap…