M/S BAKEMANS INDUSTRIES PVT.LTD. vs M/S NEW CAWNPORE FLOUR MILLS .

The Supreme Court addressed the jurisdictional conflict between a Company Court and a Financial Corporation regarding the sale of a company's property under the State Financial Corporations Act, 1951. The Court held that the powers of the Company Court to sell property do not merge with those of the Financial Corporation, emphasizing the distinct roles of each entity in insolvency proceedings. The judgment clarified that actions taken under Section 29 of the 1951 Act must comply with legal standards, and the purported arbitration agreement referenced was deemed invalid.