AIR 2000 SUPREME COURT 2642 ::2000 AIR SCW 2804 ::2000 CLC 1628 (SC) ::2000 (4) Com LJ 4 SC ::(2000) WLC(SC)CVL 666 ::(2001) BankJ 208 ::(2000) 38 CorLA 315 ::2000 (7) SCC 291 ::(2000) 5 Scale 486 ::(2000) 3 BankCLR 193 ::2000 (3) CurCC 265 ::(2000) 102 ComCas 1 ::(2000) 4 ICC 260 ::(2001) 1 Mad LW 772 ::2000 (5) Andh LD 75 ::(2000) 3 UPLBEC 2229 ::2000 (3) LRI 632 ::2000 (5) Supreme 495 ::2000 (8) SRJ 86 ::(2000) 8 JT 587 (SC) ::2000 (8) JT 587

Supreme Court Of India

(From : AIR 1995 Andh Pra 302)

Hon'ble Judge(s): S. Rajendra Babu, S. N. Phukan , JJ

State Financial Corporations Act (63 of 1951) , S.29— Companies Act (1 of 1956) , S.529(1) Proviso, S.529A— Right of corporation to sell property of defaulting industrial concern - Cannot be exercised in ignorance of pari passu charge in favour of workmen created by proviso to S. 529 (1) of Companies Act. Interpretation of Statutes - Acts with non obstante clause - Non obstante clause later in point of time would prevail. The statutory right of the Financial Corporation to sell the property of a defaulting concern under S. 29 of the Act of 1951 has to be exercised with the rights of pari passu charge to the workmen created by the proviso to S. 529 of the Companies Act. The Act of 1951 is a special Act for grant of financial assistance to industrial concerns with a view to boost up industrialisation and also recovery of such financial assistance if it becomes bad and similarly the Companies Act deals with companies including winding up of such companies. Both Section 29 of Act of 1951 and S. 529-A of the Companies Act have competing non obstante provisions but the proviso to sub-section (1) of 529 and Section 529-A being a subsequent enactment the non obstante clause in S. 529-A prevails over the non obstante clause found in Section 29 of the Act of 1951. The proviso to sub-section (1) of Section 529 and Section 529-A of Companies Act will ther....