Judgment Search Results Home > Cases Phrase: financial obligations Page 1 of about 60,246 results (0.035 seconds)

Mrs. Padma Prafulla Shirke and Shri Prafulla Shankar Shirke Jagdale Vs ...

Court : Mumbai

Reported in : 2003(2)ALLMR884; IV(2004)BC371; 2003(5)BomCR634; 2003(3)MhLj496; [2003]46SCL275(Bom)

..... the high court with respect failed to appreciate that the 1985 act was enacted primarily to assist sick industrial undertakings which inter alia failed to meet their financial obligations. ..... 29(1) of the act:- 'where any industrial concern, which is under a liability to the financial corporation under an agreement, makes any default in repayment of any loan or advance or any instalment thereof for in meeting its obligation in relations to any guarantee given by the corporation or otherwise fails to comply with the terms of its agreement with the financial corporation, the financial corporation shall have the right to take over the management or possession of both of the ..... under an agreement, makes any default in repayment of any loan or advance or any instalment thereof [or in meeting its obligations in relation to any guarantee given by the corporation] or otherwise fails to comply with the terms of its agreement with the financial corporation, the financial corporation shall have the [right to take over the management or possession or both of the industrial concern], as well as the [right to transfer by way of lease or sale] and realise ..... seized with the question whether in case where an industrial concern makes any default in repayment of any loan or advance or any instalment thereof or otherwise fails to meet its obligation under the terms of any agreement with the financial corporation, can such financial corporation takes recourse to section 29 and/or 31 of the act of 1951. .....

Nava Bharat Ferro Alloys Limited Vs. Andhra Pradesh State Electricity ...

Court : Andhra Pradesh

Reported in : AIR1985AP299

..... . the minority view is that the board cannot be expected to continue to be indebted to various authorities, including the state government , and try to run the board always at a loss, without discharging the financial obligations, it had undertaken to repay the various loans and that, if the repayment of the loans borrowed by the board is also kept in view, the board never makes a surplus and is, therefore, justified if revising its tariffs so as to balance ..... . we have, in another part of this judgment, found that the board is still not in a position to discharge its essential financial obligations and continues to be heavily indebted to the state government and other under loans borrowed by the board from time to time ..... . the failure of the state government to specify a surplus does not prohibit the board from achieving a surplus at least to enable itself to discharge its essential financial obligations, even though such expenses are not properly chargeable to revenue ..... . 63 or the board can afford to ignore its essential financial obligations which may not amount to expenses chargeable to revenue ..... . the board should be in a position to meet its essential financial obligations of repaying the loans, in accordance with the terms on which such loans had been contracted by the board in our view, it makes no difference, if under accounting principles, some repayments cannot be shown as expenses chargeable to revenue .....

L. Dwarka Dass Vs. Income-tax Officer, Special Circle a Ward, Kanpur.

Court : Allahabad

Reported in : [1956]29ITR60(All)

..... article 9, clause (a), of this order is the relevant clause and read as a whole runs as follows :'all liabilities in respect of such loans, guarantees and other financial obligations of the governor-general-in-council or of a province as are outstanding immediately before the appointed day shall as from that day -(a) in the case of liabilities of the governor-general-in-council, be liabilities ..... observed (at page 383) :'in that context financial obligations would mean obligations arising out of arrangement or agreements relating to state finance such as distribution of revenue, the obligation to grant financial assistance by the union to any state or the obligation of a state to make contributions and the ..... does not come within the words used in article 9 of the indian independence (rights, property and liabilities) order, 1947, because the payment cannot be said to be a 'loan', nor a 'guarantee' nor a 'financial obligation' within the meaning of the words as used in that article. ..... was argued that this payment is in the nature of a 'loan' and interpreting the expression 'financial obligations' ejusdem generis it would include a payment of this kind. ..... consider in each ca se whether a particular obligation which may be the subject-matter of discussion falls within the expression financial obligations within the meaning of article 9. ..... was whether the liability to pay rent under a lease came within the expression 'financial obligations', as used in article 9 of the order, mentioned above. .....

Badri Prasad Baldev Prasad Vs. Aerofil Paper Ltd. Industrial Area, Ban ...

Court : Madhya Pradesh

Reported in : AIR1992MP137; 1992(0)MPLJ668

..... act has been enacted with the object of vesting the state government with a power to make special provisions, though for a limited period, touching the relief undertakings so as to regulate their industrial relations financial obligations and other like matter, because the industrial undertaking, otherwise unfit to run, must run so as to fight against the social epidemic of unemployment. ..... counsel for the petitioner has laid emphasis on the preamble to the act which reads as under:--'an act to enable the state government to make special provisions for a limited period in respect of industrial relations, financial obligations and other like matters in relation to industrial undertakings the running of which is considered essential as a measure of preventing, or of providing relief against unemployment. ..... preamble may be regarded, like the title, as part of the statute for the purpose of explaining, restraining or even extending enacting words'.he submits that the phrase 'financial obligations' used in the preamble should act as key to the interpretation of the act, also laying down its scope of applicability. ..... submission, the liability incurred on account of the goods having been supplied by a private party such as the plaintiff would not amount to 'financial obligation'and hence provisions of the act do not apply to the present suit. ..... in the considered opinion of this court, the phrase-'financial obligations and other like matters' as used in the preamble of the act has to be given .....

The State of West Bengal Vs. Shaikh SerajuddIn Batley

Court : Supreme Court of India

Reported in : AIR1954SC193; [1954]1SCR378

..... it is no doubt true an obligation to pay money under a contract or for breach thereof is in a sense a 'financial obligation' but the question is not what may popularly be described as 'financial obligation' but what is the meaning of the expression 'other financial obligations' in the context in which it has been ..... in that context 'financial obligations' would mean obligations arising out of arrangement or agreements relating to state finance such as distribution of revenue, the obligation to grant financial assistance by the union to any state or the obligation of a state to make contributions and the ..... all the liabilities in respect of such loans, guarantee and other financial obligations of the governor-general in council or of a province as are outstanding immediately before the appointed day shall as from that day - (a) ..... the phrase 'loans, guarantees and other financial obligations' occurred in section 178 in part vii of the government of india act, 1935, and there cannot be any doubt that those expressions used in that section did not refer to all and sundry pecuniary obligations of the state arising out of contracts of every ..... court will have to consider in each case whether a particular obligation which may be the subject-matter of discussion falls within the expression 'financial obligations' within the meaning of article 9. ..... -general contends that the liability to pay rent under the lease comes within the expression 'other financial obligations' to be found in that article. .....

Delhi Abibhavak Mahasangh Vs. Union of India and Others

Court : Delhi

Reported in : 1998VIIAD(Delhi)445; 76(1998)DLT457; 1999(49)DRJ766

..... it should be possible for the schools to work out their precise financial obligations well before the fees of the 3rd quarter of the academic year, 1997-98 are due ..... relying upon the decision in the case of frank anthony public school the supreme court held that the endeavor of the court in all cases has been to strike a balance between the constitutional obligation to protect what is secured to the employees under article 30(1) and the social necessity to protect the members of the staff against arbitrariness and victimisation. ..... on behalf of the school management, while seriously disputing these submissions it has been contended that though the schools do not receive any financial aid from the government, the impugned order dated 10th september, 1997 has been issued without any authority of law and it not only adversely affects their autonomy but is without jurisdiction, illegal, ..... according to the schools, however, these increases were justified on account of increase in the expenses and in particular the obligation of the schools to increase the salaries of the employees in compliance with the fifth pay commission which has resulted in huge liabilities to be incurred by the schools for payment of salary to its teachers and other employees ..... sub-section (5) requires the managing committee to file every year with the director of education such duly audited financial and other returns as may be prescribed and every such return shall be audited by such authority as may be .....

Bihar Rajya Khadi Gram Udyog Board Karyakarta Sangh and ors. Vs. State ...

Court : Patna

..... the respondent-board has clearly expressed its inability to pay the salary and wages to its employees on the ground that sufficient funds have not been made available to it to enable it to discharge its financial obligations. ..... he, therefore, submitted that in case this court comes to the conclusion that the state of bihar is bound to provide sufficient funds to the respondent-board to carry on its activity and to meet its obligations, including payment of salary and wages to its staff members, that should be limited only to such employees of the respondent-board who have been appointed in accordance with the act, that is to say, withthe approval of the ..... after examining the same and working out the liability incurred by the board, the state shall make available to the board necessary funds to meet such obligations, including arrears due, within a period of three months from the date on which the board furnishes the necessary statement to the government, the board shall upon receipt of the amount, pay to the employees legally ..... under section 27 of the act the board is required to prepare and forward to the state government in such manner as may be prescribed, an annual report, within three months of the end of the financial year giving a complete account of its activities during; the previous financial year, and the said report has to be laid before both the houses of state legislature as soon as may be after it is received by the state government. .....

Maharashtra Tubes Ltd. Vs. State Industrial and Investment Corporation ...

Court : Supreme Court of India

Reported in : (1993)2CompLJ346(SC); JT1993(1)SC310; 1993(1)SCALE223; (1993)2SCC144; [1993]1SCR340

..... as under:where an industrial concern, in breach of any agreement, makes any default in repayment for any loan or advances or any instalment thereof or in meeting its obligations in relation to any guarantee given by the corporation or otherwise fails to comply with the terms of the agreement with the financial corporation or where the financial corporation requires an industrial concern to make immediate repayment of any loan or advance under section 30 and ; industrial concern fails to make such repayment, then, without ..... is whether in a case where an industrial concern makes any default in repayment of any loan or advance any instalment thereof or otherwise fails to meet its obligations under the terms of any agreement with the financial corporation, such as the respondent herein, can the latter take recourse sections 29 and/or 31 of the state financial corporations act, 1951 (hereinafter called the 195l act') notwithstanding the bar of section 22 of the sick industrial companies (special provisions) act, 1985 ..... considerations may come into play but the high court with respect failed to appreciate that the 1985 act was enacted primarily to assist sick industrial undertakings which inter alia failed to meet their financial obligations. .....

Satish Chandra Khandelwal Vs. Union of India and ors.

Court : Delhi

Reported in : AIR1983Delhi1; ILR1981Delhi917

..... if the failure or inability of the corporation to meet its financial obligations arising out of contracts could be said to be within the terms of section 490(1) of the ..... of volume-6 of its report that the practice of contingency fund should be discontinued and that instead the councillors should draw up proposals for improvements and new works in their respective constituencies in advance and within the financial limits, not only continue this practice in the general wing but extended it to the delhi electric supply undertaking and delhi water supply & sewage disposal undertaking also thereby abusing its powers. 6. ..... sb.aran recommended that the loan be granted the matter was referred to the financial adviser to the government of india who declined to recommend the loan and opined that it was not proper for the government to 'bail out the corporation ..... commissioner bluntly said that he can make payments and discharge the obligations of the corporation only when funds are available. ..... apart from the fact that this shows that there is no financial stability in the corporation it shakes its credit worthiness in the mind of the ..... the corporation abused its powers in that, notwithstanding the financial constnaints, it created a large number of posts without making any efforts to lay down any yard-stick/norms for creation of such posts or corresponding provision for raising ..... the commissioner is right when he says that 'the financial bungling was a result of the corporation's own defaults and .....

Madura Coats Limited Vs. Bank of India and anr.

Court : Delhi

Reported in : III(2003)BC27; [2003]116CompCas291(Delhi); (2003)3CompLJ494(Del); 105(2003)DLT37; 2003(68)DRJ745; [2003]44SCL718(Delhi)

..... may come into play but the high court with respect failed to appreciate that the 1985 act was enacted primarily to assist sick industrial undertakings which inter alias failed to meet their financial obligations. ..... that in the latter case the concerned party would have to use the forum prescribed by law for the purpose of securing attachment and sale of property of the defaulting industrial concern whereas in the case of a financial corporation that right is conferred on the creditor corporation itself which is permitted to takeover the management and possession of the properties and deal with them as if it were the owner of the properties. ..... action contemplated by section 29 of the 1951 act is undoubtedly a coercive measure directed at the take over of the management and property of the industrial concern and confers a further right on the financial corporation to transfer by way of lease or sale of properties of the said concern and any such transfer effected by the financial corporation would vest in the transferee all rights in or to the transferred property as if the transfer was made by the owner of the property. ..... referred to a number of authorities, and it seems to be plain enough that the opening of a confirmed letter of credit constitutes a bargain between the banker and the vendor of the goods, which imposes upon the banker an absolute obligation to pay, irrespective of any dispute there may be between the parties as to whether the goods are up to contract or not. .....