Karnataka Court February 2004 Judgments

Karnataka State Industrial Investment and Development Corporation Limi ...

Court: Karnataka

Reported in: IV(2004)BC118; 2005(1)CTLJ331(Kar); 2004(4)KarLJ266

Tirath S. Thakur, J.1. This appeal arises out of a judgment and decree passed by the Additional City Civil Judge at Bangalore whereby O.S. No. 2768 of 1992 for recovery of money based on a counter guarantee furnished by the defendant/appellant has been decreed with interest and costs.2. M/s. Skottie (India) Private Limited is a company incorporated and registered under the Companies Act with its Registered Office at Bangalore. The company approached the Karnataka State Financial Corporation (hereinafter referred to as 'KSFC') for financial assistance to enable the former to establish a medium scale industrial unit at Belagola Industrial area at Mysore. That request was granted by the KSFC and a loan of a sum of Rs. 30 lakhs sanctioned in its favour. The proposed industrial unit it appears was to be set up with the help of M/s. Skottie Electronics Inc. USA. In terms of the collaboration agreement entered into between the two, Skottie (India) Private Limited, would acquire the technical ...