INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED Vs. KARNATAKA BALL BEARINGS CORPN LIMITED

JUDGEMENT

(1.) Leave granted.

(2.) Authority of Receivers to effect sale of immovable properties prior to the passing of the decree is the focal point for consideration in this appeal, by the grant of special leave being directed against the Bench decision of the Bombay High Court. The Bench in deciding the issue however did rely upon the decision of an earlier Full Bench judgment in the case of State Bank of India v. Trade Aid Paper and Allied Products (India) Ltd. (1995) 2 Mah LJ 81.

(3.) Mr. R.F. Nariman, Senior Advocate, appearing in support of the appeal very strongly contended that the Full Bench decision in State Bank of India's case, (supra) cannot be said to have laid down the law in a correct perspective and as such it would be convenient at this juncture to note the observations of the Full Bench pertaining thereto. The Full Bench observed: