https://www.taxtmi.com/caselaws?id=126997 Section 19 of the Sick Industrial Companies Act was construed on its plain language, and "other authority" was confined to entities contemplated by the rehabilitation scheme as providers of financial assistance. The court rejected importing the wider Article 12 or Article 226 meaning of "State" or "authority". A public sector undertaking that was merely a creditor in an ordinary sale-of-goods transaction was therefore not covered, and unpaid sale consideration did not amount to loans, advances, guarantees, reliefs, concessions or sacrifices of the kind contemplated by the provision. The challenge to the AAIFR order succeeded and the writ petition was allowed. en-us Sun, 27 Mar 2011 00:00:00 +0530 Tue, 16 Sep 2014 08:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126997 Section 19 of the Sick Industrial Companies Act was construed on its plain language, and "other authority" was confined to entities contemplated by the rehabilitation scheme as providers of financial assistance. The court rejected importing the wider Article 12 or Article 226 meaning of "State" or "authority". A public sector undertaking that was merely a creditor in an ordinary sale-of-goods transaction was therefore not covered, and unpaid sale consideration did not amount to loans, advances, guarantees, reliefs, concessions or sacrifices of the kind contemplated by the provision. The challenge to the AAIFR order succeeded and the writ petition was allowed. Case-Laws Companies Law Sun, 27 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126997