Court : Mumbai
Reported in : 1994(2)BomCR178; [1994]81CompCas599(Bom)
..... . merchant, learned counsel for the gujarat state financial corporation, submitted that the state financial corporations act, 1951, was a special act whereas the companies act, 1 of 1956, was a general act. mr. merchant submitted that the provisions contained in the state financial corporations act, 1951, had an overriding effect over the provisions of the companies act, 1 of 1956. mr. merchant relied on the schemes of the state financial corporations act, 1951, and in particular on section 29 ..... assets of the company from the date of passing of the winding up order by the court. on a true and correct interpretation of section 29(1) of the state financial corporations act, 1951, the state financial corporation is entitled to take possession, charge, control and management of the assets of the company only so long as the company is itself in possession, control and charge of .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom48; 1992(3)BomCR338; [1994]79CompCas236(Bom)
..... well as the relevant provisions of the state financial corporations act and civil procedure code. section 31 of the state financial corporations act is a special provision for enforcement of claims by the finance corporation. the section 31 of the act reads as under:'special provision for enforcement of claims by financial corporations:-- 1. where an industrial concern in ..... plant machinery, equipments and accessories from the hypothecated premises, the respondent/ applicant has filed the proceedings under sections 31 and 32 of the state financial corporations act, 1951. the appellants/non-applicants filed written statements dtd. 7-4-82 vide exh. 11. it is admitted by the appellants/non- ..... joint civil judge, akola.2. the facts giving rise to the instantappeal are as under : the respondent is the statutory corporation established for the state of maharshtra, under the state financial corporation act, lx-iii of 1951. the appellant no. 1 is the proprietor of the proprietary concern of m/s. new .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(2)BomCR642
..... , depending on their perception of the risk involved in each project. consequently, the decision of the respondent to invoke its powers under section 29 of the state financial corporations act, 1951, cannot be faulted.11. the trial court has come to the conclusion that prima facie, the appellant was a defaulter and had committed a breach ..... been cleared, intimated to the appellant that the respondent was proceeding to take action in exercise of its statutory powers under section 29(1) of the state financial corporations act, 1951, for taking over possession of the securities which had been created in favour of the respondent.8. the appellant instituted a suit in the court ..... relief. the trial court found that the appellant had defaulted in the payment of the loan installments and the exercise of powers, under section 29 of the state financial corporations act, 1951, by the respondent, could not be faulted.2. against the order passed by the trial court, the present appeal from order came to be .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1991Bom96; 1990(3)BomCR1; (1987)89BOMLR149
..... claim against respondent no. 2 to 4 could be enforced only in the ordinary court and not under the special machinery provided under the state financial corporations act, 1951. 6. before the amendments were effected by state financial corporations (amend-ment act), 1985, the state financial corporations act could apply u/s. 3(1) to the district judge within whose jurisdiction the industrial concern carried on whole or a substantial part of ..... dated 10th february 1987 passed by the hon'ble mr. justice suresh dismissing its misc. petition no. 29 of 1986 filed u/s. 31 and 32 of the state financial corporations act (act 63 of 1951), the maharashtra state financial corporation has preferred this appeal. 2. m/s. jaycee drugs & pharmaceuticals pvt. ltd., respondent no. 1 had executed an indenture of mortgage dated 29th june 1979 in favour .....
Tag this Judgment!Court : Mumbai
Reported in : [1993]76CompCas168(Bom)
..... without such a notice a petition cannot be filed. i am unable to accept these submissions. section 30 of the state financial corporations act gives to the financial corporation power to call for repayment before the agreed period. it is a power which is independent of the provisions made in ..... 1. this is a petition filed by the maharashtra state financial corporation under sections 31 and 32 of the state financial corporations act, 1951. the maharashtra state financial corporation is a statutory corporation established under the abovementioned act. the first respondent was a company incorporated under the indian companies act and had its registered office and a factory in ..... been decided that the entire outstanding loan together with interest and expenses be realized and recalled by appropriate proceedings under section 31 of the state financial corporations act, 1951. 8. the petitioners aver that there is due and payable by the respondents to the petitioners under the indenture of mortgage .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(4)BomCR324; 2009(111)BomLR1691; [2009]20STT167
..... 18. in macson' csase (supra), an industrial unit run by respondent 4 therein was brought to sale in terms of section 29 of the state financial corporations act, 1951 by the rajasthan financial corporation, respondent 3 therein. the appellant participated in auction and its bid was accepted on 28/8/1987. on 4/12/1987, the excise ..... 2 took possession of the said property from the company in liquidation as a secured creditor having statutory power to do so under the provisions of the state financial corporation act, 1951. after the company in liquidation went into liquidation and respondent 3 came to be appointed as the official liquidator, respondent 2 conducted the sale ..... the bombay mercantile co-operative bank limited. as the company in liquidation failed to make payment to sicom, sicom invoked its powers under section 29 of the state financial corporation act, 1952 and issued a take over notice on 10/1/2001. pursuant thereto, on 8/2/2001, sicom took possession of the said property and .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]82CompCas342(Bom)
..... liquidator cannot demand possession of the property from a mortgagee lawfully in possession of it. also, the rights conferred on a financial corporation as a mortgagee under section 29 of the state financial corporations act are not obliterated when the company is in winding up. it may have to exercise its right to take possession with ..... outside the winding up proceedings. they are entitled to exercise their rights under the mortgage and/or the statutory rights given to them by the state financial corporations act without the intervention of the court. they can, therefore, sell the mortgaged property directly without leave of the court. in this connection, the ..... right to take possession of and sell the mortgaged properties of the company without the intervention of the court. moreover, under section 29 of the state financial corporations act, 1951, also, the appellants have a statutory right, inter alia, to take possession of and realise the mortgaged property in case the industrial concern .....
Tag this Judgment!Court : Mumbai
Reported in : 2008(6)ALLMR7; 2008(5)BomCR524; (2008)110BOMLR2849; 2009(1)MhLj921
..... of respondent no. 1 mortgaged to the petitioner, sold for recovering the loan amount under section 29 of the state financial corporation act, 1951 (sfca).2. the petitioner had ceded its first charge from the mortgaged property on paripassu basis in favour of the maharashtra state financial corporation, who had also granted another loan to respondent no. 1.3. the petitioner invoked the deeds of guarantee executed ..... of 1985, which came into effect from 21st august, 1985, under which section (aa) came to be added to section 31(1).12. after the amendment of the act in the case of maharashtra state financial corporation v. esthier d. gama, bombay 1987 mh.l.j. 731 , it was held by justice suresh, as he then was, with regard it being added to the .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom392
..... liquidator cannot demand possession of the property from a mortgagee lawfully in possession of it. also, the rights conferred on a financial corporation as a mortgagee under s. 29 of the state financial corporations act are not obliterated when the company is in winding up. it may have to exercise its right to take possession with ..... are outside the winding up proceedings. they are entitled to exercise their rights under the mortgage and/or the statutory rights given to them by the state financial corporations act, without the intervention of the court. they can, therefore, sell the mortgaged property directly without leave of the court,. in this connection, the ..... right to take possession of and sell the mortgaged properties of the company without the intervention of the court. moreover, under section 29 of the state financial corporations act, 1951 also the appellants have a statutory right, inter alia, to take possession of and realise the mortgaged property in case the industrial concern .....
Tag this Judgment!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 .....
Tag this Judgment!