Disposed

Pb. State Indus. Development Corp. v. Appellate Authority for Indus. & Financial

Punjab & Haryana HC13 Jan 2012LPA/706/2011

Case brief

AI extract

What is this about?

The High Court of Punjab and Haryana disposed of an appeal by the Punjab State Industrial Development Corporation. The Court held that BIFR/AAIFR findings on equity contribution do not bar claims under the Financial Collaboration Agreement and directed the Arbitrator to be unconstrained by those findings.

What did the court decide?

Appeal disposed; appellate findings on equity contribution held not to affect claim under Financial Collaboration Agreement; arbitrator directed to decide without being influenced by BIFR/AAIFR findin

Pb. State Indus. Development Corp. Vs Appellate… — Corruption | Punjab & Haryana HC (2012)

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LPA No. 706 of 2011 (O&M) 1

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IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH

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LPA No. 706 of 2011 (O&M) Date of decision:- 13.01.2012

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Punjab State Industrial Development Corporation

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..Appellant

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Vs.

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Appellate Authority for Industrial and Financial Reconstruction and others

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..Respondents

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CORAM: HON'BLE MR. JUSTICE HEMANT GUPTA HON'BLE MR. JUSTICE A.N. JINDAL

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Present: Mr. Vikas Mohan Gupta, Advocate, for the appellant.

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Mr. Atul Sood, Advocate, for respondent No.3.

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Mr. Hari Pal Verma, Addl. A.G., Punjab, for respondent No. 4.

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Mr. Vikas Suri, Advocate, for respondent No.7.

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Mr. Sanjay Tangri, Advocate, for respondent No.8.

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HEMANT GUPTA, J. (Oral)

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CM No. 1857 of 2011

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For the reasons mentioned in the application, delay of 71 days in filing the appeal is condoned.

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LPA No. 706 of 2011

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The challenge in the present appeal is to an order passed by the learned Single Judge of this Court on 11.08.2010, whereby the challenge of the appellant to the orders passed by the Board of Industrial and Financial Reconstruction (for short 'BIFR') and the order

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in appeal by the Appellate Authority for Industrial and Financial Reconstruction (for short 'AAIFR'), was dismissed.

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LPA No. 706 of 2011 (O&M) 2

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The grievance of the appellant is short. It has been contended that the findings recorded by BIFR or AAIFR in respect of the contribution of the appellant in pursuance of a financial collaboration agreement with the promoter of the Company will not affect the rights of the appellant to recover its dues in terms of the agreement from the promoters of the company in question.

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Mr. Sood, learned counsel for respondent No.3, does not dispute the said contention and contended that the collaboration agreement is independent transaction than the company incorporated. It is pointed out that in fact, the appellant has already availed its remedy of Arbitration.

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In view of the said fact, the present appeal is disposed of with the observations that the findings of BIFR and AAIFR in respect of equity contribution of the appellant will not affect the claim of the appellant in terms of the Financial Collaboration Agreement against the parties to the said agreement.

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Learned Arbitrator shall consider the submissions of the appellant without being influenced by any of the findings returned by BIFR and/or AAIFR as well as by this Court.

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(HEMANT GUPTA) JUDGE

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(A.N. JINDAL) JUDGE

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January 13, 2012 vimal/ajp

Pb. State Indus. Development Corp. v. Appellate Authority for Indus. & Financial

Case brief

What is this about?

What did the court decide?

Pb. State Indus. Development Corp. v. Appellate Authority for Indus. & Financial

Case brief

What is this about?

What did the court decide?

What the court decided

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