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Icici Bank Ltd. Vs. Sidco Leathers Ltd Case Summary

785 Words4 Pages

ICICI Bank Ltd. vs. Sidco Leathers Ltd. & Ors. on 28 April, 2006 The interpretation of Section 529 and 529-A of the Companies Act 1956 is involved in this appeal between two sets of secured creditors and whether it overrides Section 48 of Transfer of Property Act. Facts and Background of the Case ICICI Bank Ltd and two others IFCI and IDBI gave loan to Sidco Leather to set up a plant for manufacture of leather boards and created a first charge on the immovable property of the company. Punjab National Bank (PNB) also advanced a loan for working capital funds and created a second charge. However, it was clearly indicated that the second charge would be subject and subservient to the first charge in favour of ICICI, IFCI and IDBI. The winding up of the company was subsequently ordered by the Company Court, High Court of Judicature at Allahabad and an Official Liquidator was appointed. First charge holder filed a suit before the Debt Recovery Tribunal (DRT) which was pending. The DRT granted liberty to the appellant and the respondents to obtain permission of the Company Court to continue prosecution of the suit. Whereupon, the first charge holder lodged a claim with the Official Liquidator and filed an application with the Company Court for recovery of the amount. However, PNB was not impleaded as a party. PNB filed a suit before a trial court, the Court of Civil Judge, Fatehpur UP, which was decreed. The Company Court dismissed the application of the first charge holder

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