RESERVE BANK OF INDIA v. PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD. ORS. AND VICE VERSA

Citation: [1987] 2 S.C.R. 1

Court: Supreme Court of India

Bench: O. CHINNAPPA REDDY, V. KHALID

Case summary

As the Company was banned from doing fresh business and was required to wind up its existing business under the Act, there was no question of granting any exemption to the company. The only reason why the appeals are being dismissed is on the wording of Section 2(e) oUhe Act.

Judgment text

As the Company was banned from doing fresh business and was required to wind up its existing business under the Act, there was no question of granting any exemption to the company. The only reason why the appeals are being dismissed is on the wording of Section 2(e) oUhe Act.