Court : Andhra Pradesh
Reported in : AIR2007AP230; 2007(6)ALD610
..... to alienate or cause damage/waste to the property.19. strong reliance also was placed on the decision in uttar pradesh financial corporation v. garlon polyfeb industries : air2001all286 wherein the division bench of allahabad high court while dealing with section 29 of state financial corporations act in relation to recovery of loan amount, considering validity of the proceedings against guarantors of defaulting company observed that as ..... the terms of guarantee stipulating that liability of guarantors shall arise on demand and no condition laid down that the financial corporation shall first initiate proceedings to recover amount from hypothecated properties .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [2008]145CompCas702(AP)
..... financial institutions act, 1993 and the proceedings taken under that act, but however, a three judge bench of the supreme court in rajasthan financial corporation v. official liquidator : air2006sc755 where there was a specific reference to the bench in view of the conflicting views expressed in allahabad bank v. canara bank : [2000]2scr1102 and international coach builders ltd. v. karnataka state financial corporation ..... : [2003]2scr631 after considering the contentions elaborately, held that in fact though there is no such conflict as was contended, but, however, after considering elaborately summed up the legal position, as per which even in the case of a decree passed by the debts recovery tribunal under the provisions of the recovery of debts due to banks and financial institutions act ..... by the company court and after hearing him.(iii) if a financial corporation acting under section 29 of the sfc act seeks to sell or otherwise transfer the assets of a debtor- .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1996(3)ALT629; [1998]94CompCas81(AP)
..... in your account with interest from july 31, 1993, and other amounts debitable to the account by sale of your unit under section 29 of the state financial corporations act by advertisement in papers, if necessary, as per the pro forma enclosed with appropriate variations. please note that if the sale does not materialise or the ..... necessary precautions that the petitioner does not take any undue advantage of the court's interference in exercise of the option of the respondent-corporation under section 29 of the state financial corporations act. the petitioner has shown readiness to repay the loan in full in one lump sum and since it is almost in the shape ..... clause 15 of the letters patent has brought once again in issue the scheme under which sections 29 - 32 of the state financial corporations act, 1951, operate. the petitioners/appellant has borrowed from the respondent-corporation finance amounting to rs. 10,09,000 only in the year 1981, for setting up an industrial unit in the year .....
Tag this Judgment!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 .....
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!Court : Gujarat
Reported in : [1991]72CompCas136(Guj); (1990)2GLR1250
..... taking over possession of the shop is challenged in this petition on the ground that neither under the agreement entered into between the corporation and the owner of the premises, nor under section 29 of the state financial corporations act, the corporation could have lawfully taken over possession in the manner in which it did, and that the only manner in which they could have lawfully ..... taken possession from the petitioners was by resorting to the provisions of the public premises (eviction of unauthorised occupants) act, 1971, or under the ordinary law. 2. the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1987AP119
..... demand notice was served on the defaulting industrial concern asking for repayment of the amounts due to the state financial corporation. in a further notice issued by the corporation it was stated that in exercise of its right under s. 29 of the state financial corporations act a representative of the corporation will take possession of the factory of the petitioner on a certain date. the industrial concern challenged this ..... bench of this high court entertained some doubt about the opinion expressed by another division bench in srinivasa kandasari sugar v. state, : air1976ap93 about the guidelines provided for implementation of the provisions of s. 29 of the state financial corporation act, 1951 (for short 'the act') and has referred the matter for consideration of a full bench for an authoritative pronouncement on the subject. therefore, the .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1996All275
..... ., the following observations were made in para 10:'it is true that the appellate corporation is an instrumentality of the state created under the state financial corporations act, 1951. the said act was made by the parliament with a view to promote industrialisation of the states by encouraging small and medium industries by giving financial assistance in the shape of loans and advances, repayable within a period not exceeding ..... setting up a dairy industry. for some reasons the venture was not successful and the petitioner was unable to repay the instalments to u.p. financial corporation (hereinafter called the corporation), after some correspondence between the petitioner and the corporation a notice annexure '7' under s. 29 of state financial corporation act was served on the petitioner. when the loan was not repaid in spite of notice, the .....
Tag this Judgment!Court : Orissa
Reported in : AIR1995Ori52
..... .1. the seizure of the industrial unit called m/s. incast metals (p.) limited, in exercise of power under section 29 of the state financial corporation act, 1951 (hereinafter referred to as the 'act') by opposite parties 2 and 3 is being assailed by the petitioner with the further prayer that they may be directed to release the unit in ..... be the potentiality of the industrial unit, the petitioner having admittedly defaulted in paying the instalments, the action of the financial institution in taking over in exercise of power under section 29 of the state financial corporation act can neither be said to be unfair or unreasonable. in that view of the matter, we are not in a position ..... issued on 7-5-1993. but even then when there was no response, the corporation had no other option than to take possession of the unit in exercise of power under section 29 of the state financial corporation act on 14-6-1992. the corporation then decided to sell the unit and issued advertisement on 19-6-1993. but .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1992SC1435; JT1993(2)SC226; (1993)2MLJ23(SC); 1993(1)SCALE747; (1993)2SCC299; [1993]2SCR149
..... ) to restore back possession of the unit to the petition no. 1 forthwith.the notice dated 11.6.1986 issued by the corporation under section 29 of the state financial corporation act, 1951 shall, however, remain alive it being open to the corporation to proceed further in pursuance thereof in case the rehabilitation deal is given a fair trial but docs not bear fruit.the petition ..... respondent-unit was declared a sick unit. the respondents did not make any repayment as stipulated in the agreement and hypothecation deeds whereupon the corporation took steps to take over the unit under section 29 of the state financial corporations act, '1951 for recovering an amount of rs. 38.57 lakhs due to it by that date - vide notice dated july 10, 1984. then started .....
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