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Supreme Court Of India

(From : Delhi)

Hon'ble Judge(s): Kurian Joseph, R. F. Nariman , JJ

(A) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (54 of 2002) , S.37, S.35— Sick Industrial Companies (Special Provisions) Act (1 of 1986) , S.22, S.32— Bar of application of other laws - SARFAESI Act prevails over Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) - SICA not included in S. 37 but is covered by non obstante clause in S. 35 of SARFAESI Act which deals with overriding effect of said Act over other laws - Further expression 'or any other law for time being in force' contained in S. 37 of SARFAESI -Means other laws having relation to securities market only - SICA does not deal with securities market but rehabilitates sick companies. S. 37 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) does not include the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) unlike Section 34(2) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Section 37 of SARFAESI Act states that the said Act shall be in addition to and not in derogation of four Acts, namely, the Companies Act, the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992 and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. It is clear that the first three Acts ....