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1 - 10 of 26 (0.30 seconds)Section 7 in The Land Acquisition Act, 1894 [Entire Act]
Section 7 in Real Estate (Regulation And Development) Act, 2016 [Entire Act]
Vidarbha Industries Power Limited vs Axis Bank Limited on 12 July, 2022
In the reply, which was filed by the CD before the Adjudicating
Authority, the CD placed reliance on judgment of the Hon'ble Supreme
Court in Vidarbha Industries Power Ltd. vs. Axis Bank Ltd. - (2022) 8
SCC 352, in which case the Hon'ble Supreme Court was of the view that
in the facts of the said case, where CD was possessed with decree in
arbitration of decretal amount, which was more than the debt and
default, it held that initiation of CIRP in such cases is not mandatory. In
the facts of the present case, there are no such facts or pleadings on
which it can be held that initiation of CIRP was uncalled for. It is true
that in the reply, the CD has pleaded that it is executing multiple projects
across diverse location and initiation of CIRP would paralyze these
projects and result in destruction of value for creditors and other
stakeholders.
E.S. Krishnamurthy vs M/S Bharath Hi Tech Builders Pvt. Ltd. on 14 December, 2021
Hence, the decision
in Vidarbha Industries [Vidarbha Industries Power Ltd. v. Axis
Bank Ltd., (2022) 8 SCC 352 : (2022) 4 SCC (Civ) 329] cannot be
read and understood as taking a view which is contrary to the view
taken in Innoventive Industries [Innoventive Industries Ltd. v. ICICI
Bank, (2018) 1 SCC 407 : (2018) 1 SCC (Civ) 356] and E.S.
Krishnamurthy [E.S. Krishnamurthy v. Bharath Hi-Tecch Builders
(P) Ltd., (2022) 3 SCC 161 : (2022) 2 SCC (Civ) 129] .