Judgment Search Results Home > Cases Phrase: state financial corporations act 1951 section 15 chairman of board Court: drat mumbai Page 1 of about 1 results (0.126 seconds)

Patheja Forgings and Auto Parts Vs. I.F.C.i. Ltd. and ors.

Court : DRAT Mumbai

Reported in : IV(2005)BC87

..... , 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 questions : "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 corporation 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 .....

Shrijee Nutrients Food Pvt. Ltd. Vs. the Maharashtra State Financial

Court : DRAT Mumbai

Reported in : IV(2004)BC206

..... on the file of civil judge (s.d.), nagpur. the original applicant maharashtra state financial corporation (hereinafter to be referred to for the sake of brevity as the corporation) filed misc. civil application no. 843 of 1996 under section 31 of the state financial corporation act, 1951 in the court of district judge, nagpur against the defendant nos. 1 ..... can be thereby avoided, but because that is the requirement of law, keeping in view provisions of the recovery of debts due to banks and financial institutions act, 1993 and decision of the supreme court in united bank of india calcutta v.abhijit tea company pvt. limited and ors., i (2001) bc ..... of the act, which lays down jurisdiction powers and authority of tribunals, states as follows: "(1) a tribunal shall exercise on and from the appointed day, the jurisdiction powers and authority to entertain and decide applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions. ( .....

Western Ministil Limited Vs. the Bank of Rajasthan Ltd. and ors.

Court : DRAT Mumbai

..... are dealt with in that judgment by me. in particular. i have reproduced history of legislation and object for enacting recovery of debts due to banks and financial institutions act, 1993. therefore, in this appeal i would advert only to the questions of principles of natural justice and reasonable opportunity, which have been canvassed at length ..... to cross examine the witness.khem chand v. union of india and ors., air 1958 supreme court 300; state of kerala v. k.t. shaduli grocery dealer, etc., air 1977 supreme court 1627; managing director, u.p. warehousing corporation and others v. vijay narayan vajpayee, air 1980 supreme court 840 and barium chemicals ltd. and anr. ..... of the case required an opportunity of cross-examining the witnesses who were relied upon by the corporation and also an opportunity to lead evidence in defence of the charge as also a show-cause notice for the proposed punishment."case of state of kerala v. k. t. shaduli grocery dealer, (supra), discloses following facts : " .....

Petrofils Co-operative Ltd. and Vs. Industrial Development Bank of

Court : DRAT Mumbai

Reported in : IV(2005)BC112

..... and that without complying with these provisions, proceedings against the multi state co-operative society ought not have been initiated.according to mr. pandit, the multi state co-operative societies act, 1984 being a special act has precedence over the recovery of debts due to banks and financial institutions act, 1993. it is also submitted that an ex parte order ..... tribunal for consideration.8. mr. colabawalla also pointed out relying upon the supreme court decision in the case of steel authority of india limited v. life insurance corporation of india and ors. reported in air 1997 sc 2590, that it was not obligatory on the part of the banks to refer the dispute, before ..... commission and anr. v.collector of central excise, reported (supra), so also the decision in the case of steel authority of india ltd. v. life insurance corporation of india reported (supra), i find substance in the submissions of mr.colabawalla. in para 3 of the supreme court decision in the case of steel authority .....

State Bank of India Vs. Kamalesh Ice Industries and ors.

Court : DRAT Mumbai

Reported in : IV(2004)BC241

..... of justice. identical power is conferred on the debts recovery tribunal vide section 19(25) of the recovery of debts due to banks and financial institutions act, 1993.industrial credit and investment corporation of india limited v. grapco industries limited, air 1999 sc 1975, wherein it is observed by the supreme court that, "the tribunals ..... consent terms were reduced into writing and were placed before the tribunal for passing appropriate orders and for issuing recovery certificate. the consent terms between the applicant state bank of india and the respondents were as follows: "(a) the respondents waive all the contentions and objections taken in their affidavit contesting the applicant bank ..... was granted by the tribunal and this is what is hurting the bank and hence, the present misc. appeal has been filed before this appellate forum. state bank of india had filed original application no. 81 of 1995 against the defendants. the parties arrived at settlement and the case was put up before .....

Southern Petrochemical Vs. Administrator of Specified

Court : DRAT Mumbai

Reported in : II(2005)BC129

..... of specified undertaking of unit trust of india in his capacity as successor in interest of specified undertaking of unit trust of india, a statutory corporation constituted under unit trust of india act, 1963 (since repealed) and the respondent no. 2 is uti trustee company pvt, ltd. in its capacity as successor in interest of ..... that it was possible that the subject matter of the original application might have gone to the central government and since the central government was not a financial institution, the tribunal would not get jurisdiction to entertain the original application.4. this application of the appellants/defendants was hotly contested by the respondent nos. ..... learned advocate appearing for respondent nos. 1 and 2 on this point highlighted provisions of section 10(1)(c) of the new act, which define powers and functions of administrator and state that granting of loans and advances upon the security of any movable or immovable property or otherwise, is one of the functions of .....

Dhanlakshmi Bank Ltd. Vs. Bank of India and ors.

Court : DRAT Mumbai

Reported in : 3(2006)BC183

..... should be by more than one secured creditors or there has to be joint financing of a financial asset by secured creditors. therefore, the cases of subsequent ceding charge on pari passu basis also would not fall under section 13(9) of the srfaesi act.10. it is an admitted position that there was a meeting between the three respondents held ..... .r.a.t., chennai in r.a. nos. 10 and 11 of 2005 between asset reconstruction corporation ltd., which has held that such an action can be taken when ..... officer after hearing both the sides, at the outset, rejected the submission of the appellants, whereby it was stated that since the original application was pending against them in d.r.t., action under section 13(4) of the srfaesi act could not be taken. for this purpose, the learned presiding officer took recourse to the decision of the d .....

i.F.C.i. Ltd. Vs. U.T.i. Bank Ltd.

Court : DRAT Mumbai

Reported in : IV(2004)BC142

..... as per the terms and conditions of the said agreement, the defendant no. 1 had executed a letter of negative lien on the following receivable:si. no.name of the corporate amount (rs. in crores)13. united telecom ltd. 02.00 total 114.61 in the original application filed by the applicant bank against ifci limited except the company at ..... have heard both the sides and have gone through the proceedings. it is the contention of the appellant that loan availed by the defendant no. 1 from various banks and financial institutions including applicant bank would be reinvested at a coupon rate of 6% p.a. for 20 years. it appears that entire defence of the defendant no. 1 ..... business of banking in terms of a license which was issued by r.b.i. under section 4 of the banking regulation act, 1949 and was not a public sector bank or government-constituted bank. it is further stated in the said paragraph that uti bank limited is that first private sector bank (new generation private sector bank) set up in .....

Chennai Petro Corporation Ltd. Vs. Icici Bank Ltd. and ors.

Court : DRAT Mumbai

Reported in : IV(2004)BC126

..... allocated in favour of a new company which was to be promoted by the m/s. southern petrochemicals industries corporation limited, so as to implement the pty project with textuvising facility. the said letter further stated that the pfy plant could be integrated with arochem at an appropriate time. in the meanwhile, the joint venture ..... to set up their plant for manufacture of polyester filament yarn. terephtalic acid, polythylene terephthalate and polyester staple fibre and polythylene resins at kosappur village in chennai. financial assistance was admittedly given by the respondent no. 1 icici to the spic to the tune of rs. 289 crores. the properties of the spic were ..... the order which gave receiver power to sell be set aside. the appellants mrl contended that mrl is a public limited company as defined in the companies act, 1956. in the year 1986, the appellants conceived a project for the manufacture of certain petrochemicals and accordingly obtained a letter of intent from the government .....