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1986 DIGILAW 359 (SC)

Padamshree Textiles Industries Ltd. v. Union of India

1986-09-09

M.M.DUTT, O.CHINNAPPA REDDY

body1986
ORDER : 1. The learned solicitor General has placed before us a letter from the National Textile Corporation addressed to the counsel. Paragraph 2 of the letter is as follows : "In view of the provisions of sick Textile undertakings (Nationalisation) Act of 1974, the liabilities incurred in relation to Kharar Tex- 1 tile Mills and Panipat Woollen Mills, Kharar from the appointed day (April 1, 1974) under above Act, are liabilities incurred on account of Central Govt./N.T.C. and similarly, all the assets including current assets viz. finished and unfinished goods, goods under production etc. as on April 1, 1974 vest with the central Govt./- N.T.C." 2. In view of this letter the Writ Petition is permitted to be withdrawn. The question of adjustment of any payment made by the Receiver to the Punjab National Bank towards liabilities incurred before or after the appointed day, will be determined in accordance with the law by the senior sub-Judge, Ropar in the suit pending in that Court. The amount realised by the Bank by the sale of pledged goods pursuant to the interim orders of this Court are allowed to be retained by the Bank. The writ petition is disposed of accordingly.