Court : Allahabad
Reported in : 2003(1)ARBLR110(All); [2004]55SCL54(All)
..... any case, the contention proceeds, the interest would continue to run in accordance with the loan agreement, even if the u. p. financial corporation has invoked section 29 of the state financial corporation act, 1951, and has taken possession of the unit of the said company.50. having considered rival contentions, we are of the view that ..... fails and is rejected accordingly.34. the second contention raised by the learned counsel for the petitioner was that the u. p. financial corporation having invoked section 29 of the state financial corporation act. 1951 and having taken possession of the unit of the company, could not invoke personal guarantee given by the petitioner in view ..... for respondent nos. 3 and 4.12. the first contention raised on behalf of the petitioner is that the u. p. financial corporation having invoked section 29 of the state financial corporation act, 1951 and having taken over the possession of the unit of the company on 6-1-1998, was precluded from resorting to .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1989All226
..... g inserted by the state financial corporation (amendment) act, 1985 (no. 43 of 1985) in the state financial corporations act, 1951, on the continued validity of the u.p. public moneys (recovery of dues) act (hereinafter referred to as the 'state act') in its application to the dues of the u.p. state financial corporation, has led to the ..... . learned counsel, however, laid particular stress on the first part of section 46-b which provides that the provisions of the state financial corporations act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force. counsel submitted that the ..... neither of these two provisions lends any support to the petitioners' submission. section 31 of the state financial corporations act lays down a special provision for enforcement of the claims by financial corporations. it enables the corporation to enforce its claim through a special mode of recovery prescribed thereunder. it, however, does not .....
Tag this Judgment!Court : Allahabad
Reported in : [1996]86CompCas340(All)
..... criteria laid down in mahesh chandra's judgment has been followed, as appeared from the notice under section 29 of the state financial corporation act, 1951 and the corporation got the best possible price. for ready reference section 29 of the state financial corporations act, 1951 is quoted below :-- 'section 29. rights of financial corporation in case of default -- (1) where any industrial concern, which is under a liability to the ..... 8-2-1995 for inviting the offer for sale of hotel vide annexure no. 3. to the . writ petition. ultimately the upfc issued a notice under section 29 of the state financial corporation act, 1954 regarding the sale of the hotel and also an advertisement was issued in vernacular newspaper i.e. amar ujala dated 18-8-1995 vide annexure no. 8 to the .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1990All177
..... by an order passed by the civil judge, ghaziabad restraining it from realising its money otherwise than by proceeding under sec. 31 of the state financial corporation act have come up to this court.2. briefly stated facts are that under an agreement between the parties a sum of rs. 6,51,000/- was advanced by way of loan to the ..... procedure the same cannot be said to be drastic or onerous.11. section 29 of the state financial corporation act came up for consideration before a division bench of this court in writ petn. no. 6451 of 1987 vindu pratap singh v. u. p. state financial corporation and the court held that due to different procedures, for recovery under. sections 29 and ..... 31 of the act section 29 cannot be said to be ultra vires art. 14 of the constitution. it was also observed that .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1975All416
..... debtor committed default in the payment of interest as also in the payment of instalments of the principal amount. thereupon the financial corporation filed a petition before the district judge, kanpur under section 31 of the state financial corporations act, 1951 (hereinafter referred to as the 'act'), claiming a sum of rs. 26,000 as principal and rs. 2,746.84 as interest. in the aforesaid application ..... secure or guarantee the loan advanced to messrs. raki electronics, an industrial concern, could be proceeded against at the instance of the financial corporation before the district judge under section 31 of the state financial corporations act, 1951?'this is how the matter has come up before us. as the entire f. a. f. o. has not been referred to us and only a question has .....
Tag this Judgment!Court : Allahabad
Reported in : 2003(1)AWC121; I(2003)BC371
..... in the present case, it cannot be said that no notice was given to the borrowing company before taking action under section 29 of the state financial corporation act. the petitioner is challenging the proceedings only against him and not the company. in this case the petitioner does not challenge the action of ..... the directors of the borrower company. the borrower company defaulted in payment, hence on 28.7.1998, the u. p. financial corporation commenced proceedings under section 29 of the state financial corporation act, 1951 and eventually took possession of the plant, machinery and other assets of the obligant company. it is alleged by the ..... by the borrowing company and no fraud or representation is alleged against the financial corporation.10. the legal position is settled that section 29 of state financial corporation act does not exclude the application of principles of natural justice, and the corporation acts as a trustee of the property of the borrower. it has to exercise .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1997All364
..... )/ 1993 before this court for quashing the auction notice, which ws issued in pursuance of the taking of possession of the factory under section 29 of the state financial corporation act. the said company also prayed for the preparation of an inventory through the commissioner, appointed by the court, of all the goods and' materials which have ..... (mb)/1991, praying for the issuance of a writ in the nature of mandamus commanding the opposite parlies not to take recourseunder section 29 of the state financial corporation act, 1951 for taking over the possession of the petitioner unit, and to allow the petitioner to deposit the amount which had already become due by way ..... as the full amount was not paid as agreed upon, the petitioner has committed default thereafter, picup issued the petitioner notice under section 29 of the state financial corporation act, on 3-10-1989.9. the notice indicalcd that the petitioner hascommitted default in observance of the term ofdeed of mortgage and a sum rs. 1 .....
Tag this Judgment!Court : Allahabad
Reported in : AIR2005All246; 2005(2)AWC2017; III(2005)BC398; 2005(3)ESC1847
..... :-'17. we are of the view that the sale effected in favour of respondent no. 6 cannot be sustained. it is axiomatic that the statutory powers vested in the state financial corporation under the state financial corporation act, must be exercised bone fide. the presumption that public officials will discharge their duties honestly and in accordance with the law may be rebutted by establishing circumstances which reasonably ..... ors. v. union of india and ors). doubtless some of the restrictions placed on state financial corporations exercising their powers under section 29 of the state financial corporation act, as prescribed in mahesh chandra v. regional manager, u.p. financial corpn. are no longer in place in view of the subsequent decision in haryana financial state corporation v. jagdamba oil mills. however, in over ruling the decision in mahesh chandra, this .....
Tag this Judgment!Court : Allahabad
Reported in : 2002(4)AWC2823; I(2003)BC296; [2004]54SCL249(All); (2002)3UPLBEC2782
..... further alleged by the petitioner that within four years of the term loan by the u. p. financial corporation, the u. p. financial corporation (respondent nos. 1 and 2} took over the possession of the unit under section 29 of the state financial corporations act. 1951 in the year 1991-92, and that the sale of the land, building of the ..... this decision is not applicable to the present case. as per the own showing of the petitioners, u. p. financial corporation took over the possession of the unit of the company under section 29 of the state financial corporations act, 1951 in the year 1991-92. the sale of the land, building of the unit of the company was ..... on behalf of the petitioner was that as the u. p. financial corporation had already taken possession of the unit of the company under section 29 of the state financial corporation act, 1951 in the year 1991-92, it was not open to the u. p. financial corporation to take proceeding against the petitioners as guarantors under section 3 of the .....
Tag this Judgment!Court : Allahabad
Reported in : 2000(4)AWC3102
..... stipulated in the agreement and hypothecation deed whereupon the corporation took steps on 1.2.1993 to take over the unit under section 29 of the state financial corporations act (hereinafter referred to as the 'act') for recovery of an amount of rs. 5,72,824. the officers of the corporation inspected the unit and found that the plant ..... and machinery of the unit was removed by the petitioner from the mortgaged site. therefore, the corporation lodged a report on ..... name and style of 'm/s. pushp engineeringworks' in the industrial estate, etah which was registered under the industries act. at the request of the petitioner, the u. p. financial corporation (hereinafter referred to as the 'corporation') sanctioned a loan of rs. 4,97,000 on 12.1.1989. the terms and conditions of the loan .....
Tag this Judgment!