Act would have been amended under Section 41 of the
SARFAESI Act. Thus SARFAESI Act cannot be read as a
repeal of the SIDBI Act ... sought to
distinguish the judgments relied upon by the respondent SIDBI.
7. The SIDBI Act was enacted to establish a Financial Institution for
promotion
India Act, 1989 . Section 3
of the said Act empowers the State Government to establish for the
purposes of the said Act a Corporation ... provisions of the Banking Regulation Act, 1949 but in the State
Financial Corporation Act, 1951 and the SIDBI Act both of which do
not support
Regulation 8 (b) .
However, SIDBI is empowered to carry on 31 business activities under Section 13 of the SIDBI
Act. It is, therefore, argued that ... take possession of the properties.
14. SIDBI relies upon Section 2 (h) of the SIDBI Amendment Act, 2000 which defines an
industrial concern as meaning
SIDBI ruling'), after discussing the effect of the non-obstante clause in
S. 50 of SIDBI Act, and holding that those provisions will override ... Developments Bank of India Act, 1989
(hereinafter referred to as the SIDBI Act). Sec.50 of the said Act, exempts,
the Assessee from payment
Developments Bank of India Act, 1989 (hereinafter referred to as the
SIDBI Act). Sec.50 of the said Act, exempts, the Assessee from
payment ... derived or any
amount received by it. Section 50 of the SIDBI Act reads as under:
"Notwithstanding anything to the contrary contained
Small Industries
Development Bank of India Act, 1989 " ("SIDBI Act"). According to section 50 of
the SIDBI Act, SIDBI was exempt from ... this amendment by
way of deletion of section 50 of SIDBI Act, SIDBI became liable to income tax
with effect from
Enforcement of Security Interest Act,
2002 (for short the " Securitisation
Act ") were initiated by the SIDBI
against the petitioner. The petitioner
therefore, filed ... already taken by the SIDBI and thereafter,
the auction was held by SIDBI under the
provisions of the Securitisation Act . It was
therefore, submitted that
SIDBI, on failure to repay due amount SIDBI decided
to invoke exercise of its powers vested in it under Section 38 of
the SIDBI Act ... loan to SIDBI and therefore, the appellant SIDBI issued
a notice and invoked powers under Sec.38 of the SIDBI Act. It is
emerging from
Development Vs. Addl. CIT, Range-3(3)
Bank of India Mumbai (Respondent)
SIDBI, 4th floor, Corporate Accounts
Dept., MSME Development Centre,
C-11, G Block ... assessee, it was a financial institution set-up under the
SIDBI Act, 1989 for promotion and development of micro, small and medium
enterprises
Ionik Metallics & Ors vs Union Of India & Ors on 24 April, 2014
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