Court : Supreme Court of India
..... debtor to mean a corporate person who owes a debt to any person. section 5(1) of the code defines adjudicating authority to means the national company law tribunal constituted under section 408 of the companies act, 2013. the definition of corporate applicant in section 5(5) includes a corporate debtor. under section 6, amongst others, a corporate debtor who has committed a default ..... under section 15 of the erstwhile sica, the enquiry under section 16 is deemed to have commenced and that the winding up proceedings against a company stood terminated only after orders under section 481 of the companies act, 1956, are passed, will have to be noticed to adjudge the correctness of the said view of the high court. in any event, the aforesaid ..... seek a reference as per provisions of part vi-a of the companies act, 1956 within 180 days from the date of the repeal act. interestingly, the provisions of part vi-a of the companies act, 1956 which, though brought about by the companies (second amendment) act of 2002 had/have not been made effective. in fact, effective 1.11.2016 section 4(b) of the repeal ..... presently functioning.5. having noticed the above position, we may now turn to the provisions of the insolvency and bankruptcy code, 2016. it is a comprehensive code enacted as the preamble states, to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of .....Tag this Judgment!
Court : Karnataka
..... director herein should be overruled. the objection of the regional director requires to be considered. the provisions of section 293 of the companies act, 1956 and section 180 of the companies act, 2013 act are almost similar. hence, it is submitted by the learned counsel for the roc that the contentions being advanced by her are ..... director are as follows: (a) that the scheme of arrangement does not come under the provisions of sections 391 to 394 of the act but under section 180 of the companies act, 2013 and hence the approval of this court is not required. (b) that the scheme as propounded is nothing but a slump sale. ..... on the preamble to the scheme, that the scheme provides for transfer of the entire business of the petitioner company by way of a slump sale. slump sale is defined under the income tax act. neither slump sale nor de-merger has been defined under section 390 to 394 of the companies act. since there ..... this court is not for de-merger. it is only a hive-off by way of a slump sale. the preamble to the scheme provides that the petitioner company being the transferor company provides for sale of the poonamallee unit located at chennai, tamilnadu. therefore in terms of the clause nos.5, 6 ..... 180 of the 2013 act would not be applicable to the case herein. sections 391 to 394 alone would be applicable herein. b) the further objection of the regional director is that it is not a scheme of amalgamation or reconstruction but a case of a complete sale. the preamble of the scheme .....Tag this Judgment!
Court : Kerala
..... engaged in plantation activities and owned certain properties measuring about more than 150 acres in ayyappan coil village bearing survey nos.339/1 and 39/2. according to the appellant company, taxes are regularly paid and there exists varieties of trees in the above said plantation, mainly anjili and jackwood trees which are used as shade trees way back in 1985 ..... where non-obstante clause is there, it is very clear what happens to the rights of grantees or lessees. preamble of the act clearly indicates the intention of the legislature why such an enactment was brought in. the main wa no. 153 of 2013 -:6:- intention was to see that the government would not lose its revenue by virtue of certain declarations made ..... p2. the 2nd respondent was directed to pass fresh orders and exts.p6 and p9 are the orders passed by the respondent authorities negativing the contention raised by the appellant company.3. aggrieved by the same, w.p.(c) no.36413 of 2004 came to be filed and the same was dismissed placing reliance on section 4 of the ..... following: manjula chellur, c.j.& k. vinod chandran, j.- - - - - - - - - - - - - - - - - - - - - - - - - - - - w.a. no. 153 of 201.- - - - - - - - - - - - - - - - - - - - - - - - - - - - dated this the 4th day of february, 2013 judgment manjula chellur, c.j.heard sri.raju k.mathews, learned counsel appearing for the appellant-company and learned special government pleader sri.james kurian appearing for the respondents.2. it is not in dispute that the appellant .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (1994)81CompCas566
..... power of attorney have been dealt with in detail in relation to the right of the power of attorney holder to file a petition under section 397/398 of the companies act. in this case when the power of attorney contained a clause to the effect that the power of attorney holder was entitled to exercise all rights and privileges and to ..... be necessary, expedient or conducive to the efficient transaction and carrying on the business of the said firm and company and in particular to do, execute and transact the following acts, deeds and things so long as these powers are not revoked". following this preamble, there are 19 other clauses. clauses 4, 9, 10, 11 and 12 deal with proceedings in courts/ tribunals ..... our attention to clause 19 of the power of attorney, a general clause, which reads as follows : "19. generally to act as the attorney in relation to my business, firms and companies mentioned above in which i am a partner and the companies in which i am managing director, director and shareholder and in any matter in which i may be interested or ..... are restricted to what is necessary for the proper performance of the particular acts.4. keeping these rules in mind, we have studied the power of attorney in the present case. in this case, the recital part docs talk about the petitioner being a director and shareholder in various companies and partners in some firms and that staying away from india he .....Tag this Judgment!
Court : Mumbai
Reported in : 45CompCas613(Bom)
..... whether secured or unsecured, incurred before the management of such industrial undertaking was taken over; (b) shall be a preferential debt within the meaning of section 530 of the companies act, 1956 (1 of 1956), and such debts shall rank equally among themselves and be paid in full out of the assets of the industrial undertaking unless such assets are ..... rise to the application by way of judge's summons may be stated : the seksaria cotton mills ltd. (hereinafter referred to as 'the 1st respondent-company'), a public limited company incorporated under the indian companies act, vii of 1913, used to run textile mills situate at delise road, parel, bombay. it ceased production and actually stopped its business since about 18th ..... . in our view, the power or discretion or discretion for selecting particular undertakings or particular companies falling within the section cannot be regarded as absolute, unguided or unfettered as contended by counsel for respondents nos. 3 and 7 to 9. the preamble of the act together with the particular provision occurring in section 15a discussed above, in our view, affords ..... indicated in the preamble. the preamble, therefore, clearly indicates the legislative policy and the objects to carry out which the provisions of the act including section 15a will be have to be resorted to. further, in our view, far from conferring absolute, unguided and unfettered power on the central government to investigate into the affairs of the company in liquidation under .....Tag this Judgment!
Court : Mumbai
Reported in : 2010(1)BomCR294
..... endowments from its application and, therefore, the apex court in para (15) of its judgment in the case of thayarammal (cited supra) has observed that the indian trusts act as clear by its preamble and contents is applicable only to private trusts and not to public trusts.12. the division bench of this court in case of sarda education trust (cited supra ..... recent decision of the apex court in the case of thayarammal (cited supra) assumes importance, which has been rendered by the apex court keeping in view the preamble and provisions of the indian trusts act and held that it is applicable only to the private trusts and not to the public trusts. the apex court has rendered decision in the case of ..... ) considered preamble and section 1 of the indian trusts act, 1882 as well as law laid down by the apex court in the case of thayarammal and observed that provisions of sections 47 and 48 of the ..... , anjangaon to decide the application afresh in accordance with law.the division bench of this court after taking into consideration the pros and cons as well as preamble and section 1 of the indian trusts act, 1882 as well as decision of the apex court in the case of thayarammal (cited supra) held that provisions of sections 47 and 48 of the .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1951SC41; (1951)53BOMLR499; 21CompCas33(SC); 1SCR869
..... certain section of the community and that an emergency has arisen which renders it necessary to make special provision for the proper management and administration of the aforesaid company'. this preamble was not reproduced in the impugned act. section 3 empowers the central government to appoint as many persons as it thinks fit to be directors of the ..... actually and palpably unreasonable and arbitrary' and thereby discharging the initial onus. 91. the act is intituled an act to make special provision for the proper management and administration of the sholapur spinning and weaving company, limited. there is not even a single preamble alleging that the company was being mismanaged at all or that any special reason existed which made it expedient ..... detail. 71. on january 9, 1950, the governor-general of india, acting under section 42 of the government of india act, 1935, promulgated an ordinance, being ordinance no. ii of 1950, concerning the sholapur spinning and weaving company, limited, (hereafter referred to as the said company). the preambles and the provisions of the ordinance have been referred to in the judgment just ..... to enact this law. the act, on its face, does not purport to make any classification at all or .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1984SC127; [1984(48)FLR448]; 1984LabIC691; (1984)ILLJ368SC; 1984(1)SCALE539; (1984)3SCC127; 3SCR252; 1984(16)LC500(SC)
..... , the only properly called schemes sanctioned under section 16(1) are those four merger schemes of 1973 as would be evident from the preamble to the act.19. the petitioners further contend that under the life insurance corporation act, banking companies act. etc. there were powers to frame regulations independently of reorganisation. but there is no such power, according to the petitioners, under the general ..... the employees. on 13th may, 1971, the government of india assumed management of the general insurance companies under the general insurance (emergency provisions) act, 1972. the general insurance business was nationalised by the general insurance business (nationalisation) act, 1972 (act 57 of 1972). the preamble of the act explains the purpose of the act as to provide for the acquisition and transfer of shares of indian insurance ..... companies and undertakings of other insurers in order to serve better the needs of economy in securing development of general insurance business in the .....Tag this Judgment!
Court : Kerala
Reported in : AIR1962Ker267
..... the essential policy underlying the statute and the object intended to be achieved by it.126. no doubt, in the preamble to the banking companies act it is only stated:'it is expedient to consolidate and amend the law relating to banking companies.'but the absence of any other matter in the pre-amble does not really affect the question, as will be ..... law relating to banking companies.69. the passing of this enactment relating to banking companies is also in accordance with the recommendation of the committee already referred to.70. section 3 ..... t'he indiscriminate opening and removal of branches by banking companies. section 3(1) provided that no banking company shall open a new branch or change the location of an existing branch without obtaining prior permission in writing from the reserve bank.68. then comes the banking companies act, 1949. -- act x/1949. the preamble stages that it is expedient to consolidate and amend the ..... the object intended to be achieved by it and in this process, the preamble to the act and its material provisions can and must be considered. therefore, to find out the policy underlying the statute and the object intended to be achieved by it, the provisions of the banking companies act in this case, can and must be considered, i have already, after .....Tag this Judgment!
Court : Gujarat
Reported in : AIR1987Guj113; (1987)1GLR437
..... banking companies including the respondent-bank have been nationalized with a view - 1. to control the heights of the economy, 2. to meet progressively the needs ..... the context, would and should mean 'public interest'. even so, we fail to understand that after the enactment of the banking companies act and after its implementation with full vigor and even after the introduction of the word 'socialist'in the preamble to the constitution in the year 1976, the management of the bank refuses to take into consideration 'public interest' while executing ..... some of the provisions of the banking companies act. by this act, the existing banks, meaning thereby, the banks specified in column 1 of schedule i to the act, came to be nationalised. the respondent-bank is one of the scheduled banks which stood nationalised as per the provision of the banking companies act. if one analyses the preamble to this act, it is very clear that the ..... of development of the economy, 3. to serve better the needs of development of the economy, and 4. to perform the acts, stated in .....Tag this Judgment!