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2011 (1) TMI 1198 - SC - Companies LawDefault in repayment of loan - Pursuant to enforcement of 1997 Act, undertakings of IRBI were transferred to appellant-IIBIL with effect from 27-3-1997 - Appellant gave notice to respondent for repayment of loan and on its failure to pay filed an application before High Court under section 40 - High Court rejected that application holding that same was not maintainable as it was filed under provision of a repealed Act – Held that:- High Court in the impugned judgment referred to section 13 of the 1997 Act, but failed to notice the true import of sub-section (2)(b) of section 13. Further, the High Court completely overlooked the provisions of sub-section (4) of section 4 of the 1997 Act and as a result arrived at a conclusion that is patently erroneous and cannot be sustained for a moment. application filed by the appellant under section 40 of the 1984 Act for the enforcement of its claim against respondent No. 1 was perfectly maintainable before the High Court.
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