Judgment Search Results Home > Cases Phrase: state financial corporations act 1951 section 15 chairman of board Court: drat madras

Asset Reconstruction Company Vs. Kumar Metallurgical Corporation

Court : DRAT Madras

Reported in : IV(2005)BC117

..... , in this case the supreme court allowed the appeals of a.p. state financial corporation after much discussion on sections 29 and 31 of the state financial corporations act, so also the doctrine of election). the supreme court thus answered in the affirmative the following question: "whether the financial corporation set up under section 3 of the state financial corporations act is entitled to take recourse to the remedy available to it under ..... . the distinguishing point here is that the hon'ble supreme court has discussed the remedies provided under sections 29 and 31 of the state financial corporations act. both these sections and the remedies provided therein are under the same act. one, however, has to remember that in the present case at hand, the two remedies which are being taken into account are not the two .....

Federal Bank Ltd. Vs. Venus Knitting Industries and

Court : DRAT Madras

Reported in : IV(2007)BC18

..... under section 32 of the said act, future interest from the date of filing of the petition till the entire amount paid to be allowed, and this ..... is not relevant.10. in himachal pradesh financial corporation, shimla & etc. v. tourist hotel and restaurant, dharamsala and ors. air 1990 hp (full bench), the high court had an occasion to consider about the grant of future interest from the date of filing of petition till realisation in respect of state financial corporation act (1951) and it was held that, ..... decree is passed by civil court on 20.12.2004 i.e. after the passing of the rddb&fi act, 1993, and also after the passing of the recovery of debts due to banks and financial institutions (amendment) act, 2000. the appellants have not made any specific prayer, for the grant of interest from the date of .....

State Bank of India Vs. V. Chakrapani and ors.

Court : DRAT Madras

Reported in : III(2004)BC269

..... of india act, 1989." 6. section 29 of the rddb & fi act clearly states that only the provisions of the second and third schedules ..... virtue of any law other than this act. (2) the provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporation act, 1948, the state financial corporation act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984 and the sick industrial companies (special provisions) act, 1985 and the small industries development bank .....

State Bank of India and ors. Vs. Tamil Nadu Steels Ltd. and ors.

Court : DRAT Madras

Reported in : IV(2006)BC89

..... . canara bank, (supra), and international coach builders v. karnataka state financial corporation, (supra), in rajasthan state financial corporation and another v.official liquidator and anr.observed,"17.... we clarify that there is no inconsistency between the decisions in international coach builders ltd. v. karnataka state financial corporation in respect of the applicability of sections 529 and 529a of the companies act in the matter of distribution among the creditors. the ..... other manner.... no leave of the company court is necessary for initiating or continuing the proceedings under the rdb act, 1993.the appellant also brought to the notice of the tribunal that in the case of international coach builders ltd. v. karnataka state financial corporation . a different view was taken than the one taken in allahabad bank case. but however, the hon'ble supreme .....

Veneers Laminations (India) Ltd. Vs. State Bank of India

Court : DRAT Madras

Reported in : II(2006)BC140

..... which according to the appellants is not proper. appellants also pointed out that they have already settled the claim of other creditors namely, m/s. kerala financial corporation, m/s. kerala state industrial development corporation ltd., and they have all accepted the offer made by the appellants to pay the principal amount and they all waived the entire interest. it is also ..... do not come in any one of the clause under which the borrower should be treated as wilful defaulter and the respondent bank has also not pointed out the act committed by the appellant to treat it as a wilful defaulted and, therefore, the respondent bank all of a sudden treating/branding the appellants as a wilful defaulter ..... passed by the high court of madras in w.p. no. 4655/2001 and wmp no. 6594/2001, wherein it was held, "the banks are bound to act in accordance with the guidelines of the rbi and the tribunal/court are also bound to give effect to such instructions and the instructions of the reserve bank cannot be .....

Paduka Shoes (P.) Ltd. and ors. Vs. Bank of Baroda and ors.

Court : DRAT Madras

Reported in : II(2004)BC97

..... and the premium is not a debt as defined under section 2(g) of the recovery of debts due to banks and financial institutions act and the defendant cannot compel r1 to add r2 as a party in the main application and the tribunal is established for ..... bank became unable to enforce the loans against the firm after exhausting all remedies, it might get a cause of action against ecgc, the corporation could not be impleaded as a necessary party to the proceedings." 7. the supreme court in vii (1999) slt 460=1 (2001) ..... bank and the borrower. the fact that there is condition in the sanction letter to obtain ecgc policy is not a ground to state that ecgc is a necessary party to these proceedings. if the borrower is aggrieved and ecgc is really liable as per the ..... bc 47 (sc)=(1999) 7 supreme court case 539 at page 545 (state bank of bikaner and jaipur v.ballabh das and co. and ors.) has observed that "the contract of insurance/guarantee is between ecgc .....

Mahavir Plantations P. Ltd. and Vs. Icici Bank Ltd. and ors.

Court : DRAT Madras

Reported in : IV(2005)BC154

..... appeal has been preferred.4. mr. p. sukumar, the learned advocate for the appellant submitted, as they have given corporate guarantee to the bank, they are entitled to the notice under section 13(2) of the sarfaesi act, but no notice was issued to them and, therefore, the entire proceedings taken pursuant to the issuance of the said ..... to be set aside. the appellant also submitted that the definition of borrower as defined in section 2(f) of the act includes the guarantors also, which states, "any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the ..... details, would go to show that the borrower should have fair knowledge about the amount due by him. thirdly, sub-sections (3) and (3a) of section 13 state, "if on receipt of the notice under sub-section (2), the borrower makes any representation or raises any objection, the secured creditor shall consider (emphasis supplied) such .....

M/S. R.S. Leather Exports Vs. Central Bank of India and Another

Court : DRAT Madras

..... has strenuously contended that the appellant firm must have been registered at the time of institution of the proceedings before the drt and cited the decision u.p. state sugar corporation ltd. vs. jain construction co. and anr.[2005-i-l.w.481] rendered by the honble supreme court. a careful reading of both the decisions ..... on the ground that the legislature must have intended otherwise. 10. further there is no controversy with reference to the proposition that as per section-17 of the sarfaesi act, the proceedings initiated thereunder is in the form of a suit and therefore, ld. counsel for the respondent bank has urged that as per section-69(2) ..... rs.15 lakhs and since the account became irregular, the bank issued notice under section-13(2) of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter called as sarfaesi act) on 8.6.2006, to which the appellant sent objections by way of reply on 30.8.2006. though the appellant made .....

Kerala Financial Corporation and Vs. Union Bank of India

Court : DRAT Madras

Reported in : II(2003)BC51

1. the petitioners kerala state industrial development corporation ltd. and kerala financial corporation 5th and 6th defendants in the tribunal below have filed these petitions under section 21 of the recovery of debts due to banks and financial institutions (rddb&fi) act, 1993 (the act) for waiver of mandatory deposit of the 75% of the decreed amount.2. ..... 71,50,000/- (rupees seventy-one lakhsand fifty thousand only). the petitioners state that all further loans advanced to the company by the respondent bank were sanctioned without the knowledge and consent of the petitioners and the petitioner corporation never consented for creation of pari passu charge over the schedule properties other ..... has been issued as against him. section 21 of the act contemplates that where an appeal is preferred by any person from whom the amount of debt is due to a bank or a financial institution or a consortium of banks or financial institutions, such appeal shall not be entertained without mandatory deposit .....

Indian Bank Vs. City Hospitals and anr.

Court : DRAT Madras

Reported in : IV(2007)BC61

..... company by a special resolution to give guarantee or provide any security of the property as required under section 370 of the companies act, which states, "no company (hereinafter in this section referred to as "the lending company") shall- (b) give any guarantee or provide any security, in connection with a ..... , viz. dr. t.m. paul, in favour of the 2nd defendant in the oa, giving power to mortgage the schedule mentioned properties to raise loans in banks and financial institutions, among other powers, is not valid under law. dr. t.m. paul, who claims to be the managing director of the company was not authorised by the ..... loan made by any other person to, or any other person by, any body corporate, unless the making of such loan, the giving of such guarantee or the provision of such security .....