Industrial Investment Bank Of India Ltd vs M/S. Jain Cables Pvt. Ltd. & Ors

The Supreme Court addressed the applicability of Section 40 of the Industrial Reconstruction Bank of India Act, 1984, in light of its repeal by the Industrial Reconstruction Bank (Transfer of Undertaking and Repeal) Act, 1997. The Court held that the High Court correctly determined that Section 40 was procedural and not substantive, thus not saved by the repealing Act. Consequently, the application filed by the Industrial Investment Bank of India Limited was deemed not maintainable, affirming the High Court's decision.