Allowed
sicom limited v. marvel industries Ltd. 5 Ors.
Bombay HCMP/2/2007
Case brief
AI extract
What is this about?
SCICOM Ltd. filed a petition under the State Financial Corporation Act to enforce guarantees executed by respondents for loans given to a now-declared sick industrial company. The court held these proceedings are not a 'suit' under SICA and are not time-barred, allowing the claim.
What did the court decide?
Petition made absolute enforcing liability of guarantors; request for adjournment sine die refused.