Industrial Reconstruction Bank of India Act, 1984

M/s Coromandal Sacks supplied HDPE bags to Fertilizer Corporation of India Ltd (FCIL) and sued for recovery of unpaid amounts, alleging price differences, liquidated damages, penalties and loss of unsold bags. FCIL contended it was a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, …

U.P. Financial Corporation initiated recovery proceedings against Unique Butyle Tube Industries Pvt. Ltd. under the Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972 for default on a loan. The appellant contended that, after the enactment of the Recovery of Debts due to Bank and Financial Institutions Act, 1993,…

The Industrial Investment Bank of India Ltd. (the bank) granted two short‑term working capital loans to Modern Maileables Ltd., with the company's director, Bishwanath Jhunjhunwala, executing a personal guarantee. After the borrower defaulted, the bank initiated attachment proceedings against the company under s.40 of …

The Industrial Reconstruction Bank of India (IRBI) sanctioned a loan to Jain Cables Ltd., which defaulted. After the Industrial Reconstruction Bank (Transfer of Undertaking and Repeal) Act, 1997 transferred IRBI's undertakings to the Industrial Investment Bank of India Ltd. (IIBL), the latter issued a notice under s.38…