2002 (10) TMI 414 - SC - Companies Law

Mr. Bharat Sangal the learned counsel accepts notice on behalf of IDBI. Mrs. P.S. Shroff the learned counsel accepts notice on behalf of ICICI Bank L.I.C. of India and Indus Ind Bank Ltd. Mr. S.N. Terdol the learned counsel accepts notice on behalf of the Union of India. They do not propose to file any counter affidavit therefore proceed to decide the matter in the absence of any counter affidavit. The transfer petitions are allowed.

Summary

The Supreme Court issued notices and allowed time for filing affidavits in a case related to Securitisation and Reconstruction of Financial Assets. Secured creditors were permitted to take action against borrowers but not to part with their assets. The order did not restrict creditors from exploring other options under the law. In another case, a special leave petition was dismissed as withdrawn. Transfer petitions were allowed to transfer related cases from the High Court of Delhi to the Supreme Court for joint hearing.