https://www.taxtmi.com/caselaws?id=196661 The court ruled that the Public Sector Enterprise/Undertaking (PSU) does not fall within the definition of "other authority" under Section 19(1) of SICA and is not entitled to the benefits of Section 19(2) of SICA. Additionally, the unpaid balance price for goods supplied does not qualify as "Financial Assistance" under SICA. As a result, the PSU is considered an "unsecured creditor" and entitled to only 10% of the principal amount as per the sanctioned scheme. The writ petition was allowed, and the AAIFR's order was set aside. en-us Fri, 27 May 2011 00:00:00 +0530 Mon, 11 Dec 2017 17:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196661 The court ruled that the Public Sector Enterprise/Undertaking (PSU) does not fall within the definition of "other authority" under Section 19(1) of SICA and is not entitled to the benefits of Section 19(2) of SICA. Additionally, the unpaid balance price for goods supplied does not qualify as "Financial Assistance" under SICA. As a result, the PSU is considered an "unsecured creditor" and entitled to only 10% of the principal amount as per the sanctioned scheme. The writ petition was allowed, and the AAIFR's order was set aside. Case-Laws Companies Law Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196661