Q. Who were the advocates involved in the case Icici Bank Limited, vs The Official Liquidator?

For The Appellant A.L.Somayaji, Advocate, T.Poornam, Senior Counsel. For The Respondent B.Ramesh for Official Liquidator, V.Raghupathi, Govt. Pleader for C.T., Pushya Sitaraman for I.T.

Q. What are the equivalent citations for Icici Bank Limited, vs The Official Liquidator ?

The equivalence citation are(2005) 1 MLJ 309 ; 2005 (1) CTC 758 ; 3 (2005) BC 286 ; LQ/MadHC/2005/27 ;

Q. What was the bench assigned for the case Icici Bank Limited, vs The Official Liquidator?

HONBLE CHIEF JUSTICE MR. MARKANDEY KATJU , HONBLE MR. JUSTICE D. MURUGESAN

Icici Bank Limited, Vs. The Official Liquidator On 07 January, 2005

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Icici Bank Limited, v. The Official Liquidator

(High Court Of Judicature At Madras)

Civil Revision Petition No. 2056 Of 2004 | 07-01-2005

Markandey Katju, CJ.

This Civil Revision Petition has been filed against the order of the Debts Recovery Appellate Tribunal dated 27.8.2004. We have heard counsel for the parties and have perused the records.

2. The revision petitioner is a secured creditor. M/s.Vibrant Investments & Properties Ltd. was a company which went into liquidation and the question is whether the claim of the petitioner will prevail over the claim of the Income-tax Department and the Karnataka Sales Tax Department.

3. This issue is no longer res integra in view of the decision of the Supreme Court in Dena Bank v. Bhikhabhai Prabhudas Parekh & Co. {(2000)5 SCC 694 [LQ/SC/2019/1965 ;] ">5 SCC 694 [LQ/SC/2019/1965 ;] [LQ/SC/2019/1965 ;] vide para 10} where it has been held that the claim of a secured creditor will prevail over crown debts.

4. In view of the above, we modify the impugned judgment of the Debts Recovery Appellate Tribunal dated 27.8.2004 and direct that the claim of the petitioner will prevail over that of the Income-tax Department and the Karnataka Sales Tax Department, but this will be subject to the provisions of Section 529A of the Companies Act. This revision petition is disposed of accordingly. No costs. Consequently CMP Nos.15322 and 19436 of 2004 are closed.

Advocate List

For The Appellant A.L.Somayaji, Advocate, T.Poornam, Senior Counsel. For The Respondent B.Ramesh for Official Liquidator, V.Raghupathi, Govt. Pleader for C.T., Pushya Sitaraman for I.T.

Bench

HON'BLE CHIEF JUSTICE MR. MARKANDEY KATJU
HON'BLE MR. JUSTICE D. MURUGESAN

Eq Citations

(2005) 1 MLJ 309
2005 (1) CTC 758
3 (2005) BC 286
LQ/MadHC/2005/27

Head Note

Debt, Financial and Monetary Laws — Recovery of Debts Due to Banks and Financial Institutions Act, 1993 — Ss. 17 and 19 — Claim of secured creditor — Priority over claim of crown debts — Held, claim of secured creditor will prevail over crown debts — Revision petition allowed — Companies Act, 1956 — S. 529-A — Priority of secured creditors