Judgment Search Results Home > Cases Phrase: financial obligations Page 90 of about 60,246 results (0.025 seconds)

In the Matter Of: M/S. Disco Electronics Ltd., (In Liquidation)

Court : Delhi

Reported in : AIR1997Delhi251

..... that is a special provision confined to the cases where only management is taken over and the intention of the legislature appears of be to make a separate provision for the take over of the management by the financial corporation with a view to help the unit to revive by providing better management and for that reason it is desirable that the presentation of the winding up petition proceedings in respect thereof should not be allowed ..... under an agreement, makes any default in repayment of any loan or advance or any installment 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 ..... since all other points and contentions relate to the provisions of the state financial corporations act 1951 and the rights and obligations there under vis-a-vis the rights and obligations under the companies act 1956 and the effect of the provisions of the ..... kumar made a submission that incase the court considers that the provisions ofsections 537, 441, 442 of the companies actare the special law and that the provisions ofthe financial corporation act would bedeemed to be the general law in cases of companies under winding up then he prays that the present case is a fit case where leave should be .....

Dhirajlal Jasmatbhai Viradiya and anr. Vs. Gujarat State Finance Corpo ...

Court : Gujarat

Reported in : [1991]72CompCas136(Guj); (1990)2GLR1250

..... challenged in this petition on the ground that neither under the agreement entered into between the corporation and the owner of the premises, nor under section 29 of the state financial corporations act, the corporation could have lawfully taken over possession in the manner in which it did, and that the only manner in which they could have lawfully taken possession ..... 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 ..... (4) where any action has been taken against an industrial concern under the provisions of sub-section (1), all costs, charges and expenses which in the opinion of the financial corporation have been properly incurred by it as incidental thereto shall be recoverable from the industrial concern and the money which is received by it shall, in the absence of any contract to the contrary, be held ..... of section 29 is to take over possession of the industrial concern where the industrial concern has made a default in repayment of loan or advance or an instalment thereof or in meeting its obligations or otherwise has failed to comply with the terms of agreement with the financial corporation. .....

Simanta Jyoti Baruah and ors. Vs. State of Assam and ors.

Court : Guwahati

..... clause 3.3 are read in the light of annexure 1 aforementioned, it becomes clear that mere solvency certificate, if furnished by a tendered, could not have made him eligible for consideration, for, it did not meet the financial criteria of eligibility inasmuch as the adequate financial standing, in terms of the tender documents, could have been met only by a guarantee from the bank that it would provide the bidder with overdraft or credit facility to the extent, as may be mentioned ..... the eligibility of the private respondents have been challenged, broadly speaking, on three distinct grounds, namely (i) that the private respondents, in all the writ petitions, had not fulfilled the financial criteria, which the tender documents had imposed for making a bidder eligible for consideration; (ii) that the bidders were required, in terms of the tender documents, to give a complete description of the drawings including the ..... when the state government has framed the financial rules, the state government is equally bound by these rules and rule 25, which the state government has framed, obliged the state government, even in the present cases, to assign reasons clearly as to why it had accepted the tender of the private respondents and ignored the tender of the writ petitioners, who had quoted rates 10% ..... was obliged, under law, to specify any particular tender, which it proposed to accept, it is necessary to take note of rule 20 of the financial rules and rule 21 and 22 of the constitution .....

Murablack (India) Limited Vs. Fairgrowth Financial Services Ltd. and a ...

Court : Mumbai

Reported in : 2003(2)ALLMR1043; 2003(2)BomCR422; (2003)2BOMLR527; 2003(1)MhLj694

..... a stranger to the consideration respecting transactions between a notified party and the bank or financial institution cannot seek to enforce the obligations thereunder and the remedy of that stranger against the notified party - debtor lies in the ..... to order payment of amounts due from a notified person to any bank, financial institution or mutual fund or to a creditor proceeds on the existence of obligations inter se between the parties based on contractual, statutory or other legally recognized ..... after that order, the chartered accountant appointed by the court for ffsl submitted a realistic estimate of the financial position of the company on 31-3-2002 in which the claim of murablack (india) limited came to be admitted and pursuant to that admission, this court passed a decree on 2-5-2002 and also declared 25% dividend in favour of ..... further this court is discharging the liabilities of the revenue, banks and financial institutions and also of the residuary creditors who have obtained decrees from ..... as large scaled irregularities and malpractices were noticed in security transactions entered into by brokers in collusion with banks and financial institutions, leading to diversion of funds from banks and financial institutions into the accounts of the brokers. ..... and reasons shows that large scale irregularities and malpractices were noticed in transactions in securities which led to diversion of funds from banks and financial institutions to the individual accounts of certain brokers. .....

Barnagar Electric Supply and Industrial Co. Ltd. Vs. State of Madhya P ...

Court : Madhya Pradesh

Reported in : AIR1963MP41

..... committee under section 57aof the electricity (supply) act, 1948, for the fixation of new rates but that later on the licensee withdrew its request for a revision of the rates; and that the obligations of the - licensee under the act and the licence in no way depended on the supply of energy to the company from the chambal hydro-electric plant.it has been further stated by the opponents ..... reply given to the show cause notice the company had not denied any of the charges levelled against it but had only endeavoured to explain its default by blaming the government for its unsatisfactory financial condition and for failure of the government to supply the company with power from the chambal hydro-electric plant; that in view of the reply given by the petitioner to the show cause notice ..... has failed to execute such works as were required for purpose of a full and continuous supply in certain streets and thereby constituted a breach of condition 5 of the licence; and whereas the financial position of the licensee is such that he is unable fully and efficiently to discharge the duties and obligations imposed on him by his licence;...... ..... in the opinion of the state government the financial position of the licensee is such that he is unable fully and efficiently todischarge th3 duties and obligations imposed on him by his licence; ... ..... the admittedly poor financial position of the company which prevented it from fully and efficiently discharging the duties and obligations imposed by the .....

Krishnan Kakkanth Vs. Government of Kerala and Ohters

Court : Supreme Court of India

Reported in : 1996VIIIAD(SC)278; AIR1997SC128; JT1996(9)SC489; 1996(7)SCALE647; (1997)9SCC495; [1996]Supp7SCR487

..... if the state government on consideration of such facts and circumstances and to ensure genuine sale of pump sets at proper price with effective after sales service has felt that farmers covered by financial assistance scheme should be fastened with an obligation to purchase pump sets only from approved dealers in a region where according to state government there is a felt need of purchase from such approved dealers, it cannot be held that such action of the state government ..... the impugned circular suffers from hostile discrimination meted out to the farmers in northern region of the state covered by the financial assistance under the government schemes, by fastening such assistance with an obligation to purchase pump sets only from two approved dealers, cannot be accepted in the facts of the case. ..... deprived of their unfettered right to choose the dealers of their choice of such pump sets because of the embargo on such farmers who have been given financial assistance under the schemes of the state government that they are to take delivery of pump sets only from two dealers namely raidco and kaico. ..... case, the farmer or agriculturist who has chosen to receive subsidies or financial assistance under the schemes of the government has an obligation to accept the terms and conditions for such assistance. ..... the obligation to purchase from approved dealer has been fastened only to such framer or agriculturist who has volunteered to accept financial assistance under the scheme on various .....

Dr. Aditya Shrikant Kelkar and Others Vs. State of Maharashtra and Oth ...

Court : Mumbai

Reported in : 1998(2)ALLMR630; 1998(4)BomCR16

..... was noticed that the government was spending huge amounts to impart medical education and hence it was thought that it was the social and moral obligation on the part of the students to serve government in rural areas in order to have sufficient number of medical officers to provide basic health services to the ..... the resolutions it is further made clear that the government is expending huge amounts to impart medical education and hence it finds that it is the social obligation on the part of students, who receive the benefits out of the funding by the state government, to serve the government in rural areas. ..... a series of pronouncements during the recent years !his court has culled out from the provisions of part iv of the constitution these several obligations of the state and called upon it to effectuate them in order that the resultant pictured by the constitution fathers may become a reality. ..... the context of the constitutional obligation to provide free legal aid to a poor accused this court has held that the state cannot avoid its constitutional obligation in that regard on account of financial constraints. ..... of india and others, : [1970]1scr413 wherein it is observed that, the government which bears the financial burden of running the medical college is entitled to lay down the criteria for eligibility. ..... said observations would apply with equal, if not greater, force in the matter of discharge of constitutional obligation of the state to provide medical aid to preserve human life. .....

State Bank of India Vs. Ranjan Chemicals Ltd. and anr.

Court : Supreme Court of India

Reported in : 2006(6)ALD138(SC); 2007(1)AWC340(SC); [2006]134CompCas24(SC); [2007(1)JCR52(SC)]; 2007MPLJ18(SC); RLW2007(1)SC764; 2006(10)SCALE150; (2007)1SCC97; [2006]72SCL59(SC); 2007(2)CivilLJ740(SC)

..... its commitments in time to release the working capital which was agreed to as part of a rehabilitation process of the company and because of the delay on the part of the bank in fulfilling its obligations, the company had suffered losses leading to the board of industrial and financial reconstruction, recommending its winding up and in view of the fact that the losses were incurred because of the failure of the bank to fulfil its ..... both proceedings what are involved are, the nature of the loan transaction and the cash credit facility extended, the relationship that has spring out of the transactions, the right and obligations arising out of them, their breach if any, who is responsible for the breach and its extent. ..... one or the other would depend upon an ascertainment of the rights and obligations arising out of the loan transaction and the state of the loan account ..... the civil court claiming that it had suffered damages because the bank had failed to fulfil its obligations based on the cash credit facilities and the rehabilitation package extended to it. ..... the claim by the bank is for recovery of amounts due under that account, the suit of the company is for recovery of compensation based on the alleged failure of the bank to fulfil its obligations under the cash credit facility in time and in a meaningful manner. ..... arises when the rival parties file independent actions but based on the same cause of action; for enforcement of rights or obligations springing out of that cause of action. .....

Shimnit Utsch India Pvt. Ltd. Vs. West Bengal Transport Infrastructure ...

Court : Supreme Court of India

..... such issues by holding that all such conditions were essential and mandatory conditions of the hsrp tender to ensure that the vendors selected by the states would be technically and financially competent to fulfill the contractual obligations which looking to the magnitude of the job requires huge investment qualitatively and quantitatively.by order dated december 15, 2009, this court extended the time for implementation of hsrp upto ..... prescribed minimum turnover from that business observed that these conditions have been framed in the nit to ensure that the manufacturer selected would be technically and financially competent to fulfill the contractual obligations and to eliminate fly-by-night operators and that the insistence of the state to search for an experienced manufacturer with sound ..... any notices inviting tenders and the conditions of experience and turnover incorporated as essential conditions are to ensure that the manufacturer selected would be technically and financially competent to fulfill the contractual obligations, which, looking to the magnitude of the job, requires huge investment qualitatively and quantitatively.facts post 30.11.2004(a) west bengal11. ..... from the said business, this court held that these are essential conditions of the tender aimed to ensure that the manufacturer selected would be technically and financially competent to fulfill the contractual obligations keeping in view the magnitude of the job and the huge investment required in the project. .....

K.R. Krishnan Nair Vs. Karnataka State Financial Corporation and ors.

Court : Karnataka

Reported in : ILR1996KAR2094; 1996(5)KarLJ434

..... circumspection in interfering with the contractual rights and obligations, more so in regard to transactions of financial institutions, and much more so in granting ex parte interim relief or directions in ..... it should be borne in mind that these matters governed by contract, have to be assessed and decided by the financial institution not only on the facts and circumstances of the particular loan transaction but also with reference to other factors like availability of funds at its disposal, needs of other applicants for loans, its policy ..... on the other hand, it is the borrower, who has committed breach of his contractual obligations, by failing to repay the amounts due to ksfc and by selling away the assets secured to ksfc; and it is the borrower who has disobeyed the injunction of this court not to remove the assets/materials, ( ..... hence ksfg issued show-cause notices proposing to take action under section 29 of the state financial corporations act, 1951 ('sfc act' for short) and the karnataka public moneys (recovery of dues) act 1979 ('public moneys act' for short) for recovery of the ..... but this factor cannot be carried to the extent of obligating the corporation to revive and resurrect every sick industry irrespective of the ..... it is contended that strict inflexible and unrealistic decisions by the officials of financial institutions without realising the difficulties of the borrowers have prejudiced the interests of the borrowers and many a time have virtually destroyed the .....