Judgment Search Results Home > Cases Phrase: state financial corporations act 1951 section 15 chairman of board Court: delhi Page 1 of about 1,195 results (0.186 seconds)

industrial Finance Corporation of India and Another Vs. Century Metals ...

Court : Delhi

Reported in : AIR1990Delhi186; II(1992)BC546; [1992]73CompCas630(Delhi)

..... so upheld by the high court of punjab and haryana, it was further pleaded that provisions of ss. 31 and 32 of state financial corporations act, 1951, which were identical to those of section 30 of the act, have been upheld by various high courts in the country and were even considered by the supreme court, and thus the ..... materia in all material particulars with that of s. 30 of the act and as such the ratio of that judgment would squarely apply in the present case.38. ..... a petition under s. 30 of the act was not to be circumscribed by other statutory provisions.37. dr. ghosh pointed out that the supreme court in the aforesaid case was dealing with the matter arising out of a petition under s. 31 of the state financial corporations act, (for short the state act), but submitted that these provisions are pari .....

The Lord Krishna Sugar Mills and ors. Vs. Union of India and ors.

Court : Delhi

Reported in : ILR1973Delhi570

..... managed in a manner highly detrimental to public interest; now thereforee in exercise of the powers conferred by section 18a of the said act, the central government hereby authorises the u.p. state textile corporation ltd. (hereinafter referred to as authorised controller) to take over the management of the whole of the said undertaking, namely, lord ..... against the supply of cloth and that the bank realised the amount of all the bills from their account immediately and this tightened the financial position very much. it is also stated that the central bank stopped the operation of the accounts of the mill on the ground that the petitioner had not submitted the proforma ..... managing director of the company by contacting the bank officials for allowing the operation of the account ......... it is hereby notified that pending efforts for early financial arrangements with the bank to resume normal working of the mills the workmen and the staff of all the shifts of the department of the mills are .....

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

Court : Delhi

Reported in : AIR1997Delhi251

..... . mr. kumar has laid lot of stress on the non obstinate provision in the state financial corporations act. i am unable to accept the contention that the provisions of state financial corporations act override all the provisions of the companies act, a reference in this behalf be made to the full bench decision of this court ..... it is also not disputed that under section 29(4) of the state financial corporations act, the dfc cannot retain more than its dues out of the sale proceeds. thus the object of section 29 of state financial corporations act is to make provision for state financial corporations to enforce without recourse to a suit, the securities only to ..... permissible and competent in law in view of the provisions contained in section 32e of the state financial corporations act ? (b) what is the effect of amendment to the companies act, which is subsequent to the enactment of state financial corporation act with particular reference to sections 529-a, 446(2), each of which contains a .....

Micronix India Vs. Disco Electronics Ltd.

Court : Delhi

Reported in : [1999]96CompCas950(Delhi); 1996RLR487

..... taking over by it of the possession permissible and competentin. law in view of the provisions contained in section 32e of the state financial corporations act ? (b)what is the effect of amendment to the companies act, which is subsequent to the enactment of state financial corporation act with particular reference to sections 529a, 446(2), each of which contains a non-obstante clause read with proviso to sections ..... suits by or against the concern. it is also not disputed that under section 29(4) of the state financial corporations act, the dfc cannot retain more than its dues out of the sale proceeds. thus the object of section 29 of state financial corporation act is to make provision for state financial corporations to enforce without recourse to asuit, the securities only to recover their dues. in- other words, dfc .....

Peerless General Finance and Investment Co. Ltd. and Uttar Pradesh Fin ...

Court : Delhi

Reported in : 59(1995)DLT238; 1995(34)DRJ178

..... arguments in the absence of a formal reply and detailed arguments were addressed.(3) the main argument advanced by the petitioner corporation was that it is a financial corporation under the state financial corporations act and is a secured creditor standing outside the purview of winding up proceedings. it claimed that by virtue of provisions ..... pleas in any further detail. (7) coming to the question of the provisions of section 29 of the state financial corporations act and section 46-b, i find that in section 29, the state financial corporation has been given certain additional powers as a secured creditor to realise to size/take possession of and transfer ..... facts of the present case as i do not find . any inconsistency in the stale financial corporations act and provisions of companies act particularly in the light of last part of the section 46b of the state financial corporations act. once legislature has treated a category of creditors to rank pari passu with the secured creditors .....

Vinod Kumar Mehta and ors. Vs. Haryana Financial Corporation and ors.

Court : Delhi

Reported in : 2003VIIAD(Delhi)218; I(2004)BC169; [2005]128CompCas772(Delhi); 107(2003)DLT366; 2003(71)DRJ348

..... collector of the district and includes any person appointed by the state government to perform the functions of a collector under the said act. section 2(b) defines 'corporation' to mean the haryana financial corporation established under the state financial corporations act, 1951 and includes any other corporation owned or controlled by the central government or the state government which the state government may, by notification specify. section 3 of the said ..... act which relates to the recovery of certain dues as arrears of land .....

Modern Dies Vs. Symphony Comforts Systems Ltd. and anr.

Court : Delhi

Reported in : I(2006)BC178; (2006)142PLR15

..... ]1scr966 , dismissed the writ petition. in appeal, the supreme court took the view that the proceedings initiated by state financial corporation under section 29 of state financial corporation act are in the nature of execution, distress 'or the like' for recovery of dues against the properties of the company and thereforee section 22 of sica will apply ..... the bifr. the company filed a writ petition before bombay high court contending that in view of the section 22 of the sica, the proceedings under section 29 of the state financial corporation act, 1951 initiated by the respondent are liable to be stayed. the high court of bombay relying upon its earlier decision in gram panchayat v. shree vallabh glass works ltd., : [1990 .....

Aryavarta Plywood Limited Vs. Rajasthan State Industrial and Investmen ...

Court : Delhi

Reported in : [1991]72CompCas5(Delhi)

..... the light of the aforesaid principles, the constitutionality of section 29 of the act has to be examined. the state financial corporations act, 1951, was enacted in order to provide immediate and long-term credit to industrial undertakings which fall outside the normal activities of ..... 20. it will be appropriate to reproduce the provisions of section 29 of the state financial corporations act, 1951 : 'rights of financial corporation in case of default.-(1) 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 ..... srinivasa kandasari sugars, : air1976ap93 , the question for consideration before the division bench was whether the state financial corporation had the choice to resort to either of the procedures as laid down in section 29 and 31 of the state financial corporations act, 1951. the division bench held as under (para 15 at pages 100, 101) : 'in .....

Bakeman'S Industries PVT LMT Vs. New Cawnpore Floor Mills And Ors.

Court : Delhi

..... court made certain observations which are as follows:it is an admitted position that m/s sicom exercised the powers under section 29 of the state financial corporation act and took over possession of the factory premises of m/s bakemans industries pvt. ltd. and they continue to be in possession of the said ..... proceedings were initiated by the nri lead bank, the respondent no. 2 sicom ltd. exercising its powers under section 29 of the state financial corporation act, 1951 (hereinafter referred to as the sfc act) had taken over the assets, namely, building, plant and machinery etc. of the respondent company and in the arbitral award it ..... behalf of the workmen. in any event, the official liquidator cannot act without seeking directions from the company court and under its supervision.right of financial corporation in respect of the factory premises shall be guided by section 29 of the state financial corporation act read with decision of the supreme court in international coach builders ltd. .....

Andaleeb Sehgal Vs Union of India and anr.

Court : Delhi

..... . in maganlal v. m/s. jaiswal industries, neemach, air 1989 sc 2113, while dealing with the fiction created under the state financial corporations act, 1951 under sections 31(1) and 32(8) making the order for sale a decree in a suit wherein the financial corporation was a decree-holder and the debtor a judgment-debtor, their lordships opined that the same is not a decree ..... ) nor could it be extended for treating the application made under section 31(1) of the act as a plaint for purposes of payment of court fee as was sought to be done in the case of gujarat state financial corporation (air 1978 sc 1765)(supra)."19. in state of tamil nadu v. m/s. arooran sugars ltd. air 1997 sc 1815, a constitution bench .....