Judgment Search Results Home > Cases Phrase: life insurance corporation act 1956 section 43 application of the insurance act Sorted by: old Court: gujarat Year: 1989 Page 1 of about 1 results (0.037 seconds)

Alka Ceramics Vs. Gujarat State Financial Corporation and ors.

Court : Gujarat

Reported in : AIR1990Guj105; [1992]73CompCas209(Guj); (1985)1GLR57; (1990)1GLR628; (1990)1GLR628

P.R. Gokulakrishnan, C.J.1. In this group of writ petitions, the petitioners are industrial concerns which had taken loans from the respondent, Gujarat State Financial Corporation (hereinafter referred to as 'the Corporation' or 'the GSFC') and executed agreements and deeds of mortgage/pledge/hypothecation. They have made defaults in repayment of the loan and instalments thereof and in meeting their obligations to the respondent Corporation. The respondent-Corporation had, therefore, resorted to section 29(1) of the State Financial Corporation Act, 1951 (Act No. 63 of 1951), whereunder the State Financial Corporation has been conferred a 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 the property pledged, mortgaged, hypothecated or assigned to the Financial Corporation. 2. The petitioners have, therefore, challenged the constitutional validity of section 29(1) of the Act, and, in the...