National Textile Corpn. (Dr & P) Ltd vs Bank Of Rajasthan & Ors

The Supreme Court addressed the interpretation of the Sick Textile Undertaking Nationalisation Act, 1974, specifically Sections 3, 4, and 5, regarding the liability of the owner of a sick textile undertaking post-vesting. The Court held that the liability for any period prior to the appointed date remains with the owner, while the liability for periods after the appointed date is enforceable against the owner, not the Central Government or the Corporation. The appeal was dismissed, affirming the lower courts' decisions regarding the calculation of interest and the responsibilities of the parties involved.