Court : Supreme Court of India
Reported in : [2000]101CompCas1(SC); 2000(1)CTC101; JT1999(9)SC440; (1999)6SCC51
..... interest periodically. the appellant took a further loan of rs. 2,50,000 on 7-3-1975.2. the respondent filed a petition under section 31 of the state financial corporations act, 1951 (for short 'the act') before the district court, ernakulam for an order of sale of the properties described in the schedule to the petition for the realisation of rs. 16,35,359 ..... placed on the following passage in that judgment:10. it is true that the appellant corporation is an instrumentality of the state created under the state financial corporations act, 1951. the said act was made by 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 .....
Tag this Judgment!Court : Kerala
Reported in : AIR1988Ker330
..... paid the arrears even now. we are, therefore, satisfied that the action taken against the petitioner is not bad in law. 14. we, therefore, hold that section 29 of the state financial corporations act is not arbitrary or violative of article 14 of the constitution. the petitioner is not entitled to any relief. however, before parting, we would like to observe that the disposal ..... bhaskaran nambiar, j. 1. thepetitioner challenges the validity of section 29 of the state financial corporations act, 1951 (for short, the act) under the following circumstances. he obtained a loan of rs. 99,752/- from the kerala financial corporation for purchasing machinery for a mini industry in the mini industrial estate at koduvayur, by hypothecating his properties and executing an agreement on 7-9-1977. he, however, defaulted .....
Tag this Judgment!Court : Chennai
Reported in : [1998]93CompCas580(Mad)
..... supreme court has observed as follows (page 414) : 'it is true that the appellant-corporation is an instrumentality of the state created under the state financial corporation act, 1951. the said act was made by 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 20 ..... right to exercise the power of sale, appointment of receiver or filing a suit in a court of law or resorting to action under the provisions of the state financial corporations act (hereinafter referred to as 'the act'). the specimen advertisement proposed to be made by the corporation was also enclosed along with that notice for information. 2. with reference to the advertisement made by the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2001(5)ALD319; [2003]115CompCas787(AP)
..... the objectives of development and also objectives laid down in a particular enactment. in the present case we are concerned with state financial corporations act. it is the normal business activity of the state financial corporation to ensure that the companies run and loans advanced by it are recovered. the methods adopted for recovery in case of ..... feel that the petitioner has come to thiscourt with cleam hands. the petitioner has not even challenged the order passed under section 29 of the state financial corporations act nor has he challenged the notice by which tenders were called. he has also not challenged the letter issued to him giving him option of ..... be exercised by the respondents. it is necessary to have a glance over the relevant provisions of state financial corporations act (hereinafter referred to as 'the act') in order to decide the controversy.3. the preamble of the act lays down that, in order to provide medium and long time credit to industrial undertakings which fall .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1997]88CompCas21(P& H)
..... or other liabilities of the company. a decree has since already been passed in favour of the appellant by the district judge, bhadrwah, in a petition under the state financial corporations act and by the present order execution of that decree has effectively been stayed. it is also the contention of learned counsel that the learned single judge could not determine ..... . 3,50,694.75 with interest from march 16, 1972, in a suit instituted by it in the court of district judge, bhadrwah, under section 31 of the state financial corporations act, thus being a secured creditor.6. united commercial bank too being aggrieved by the impugned judgment of the learned single judge has filed company appeal no. 26 of 1990 ..... that it is admitted between the parties that a suit in the court of the district judge, bhadrwah under section 31 of the state financial corporations act for the recovery of rs. 3,65,694.75 with interest from march 16, 1972, was filed and a decree was passed in its favour and the .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Kerala
Reported in : AIR2007Ker234; 2007(4)CTC97; [2007(4)JCR519(NULL)]
..... was enacted by the parliament by virtue of the powers conferred on it under entry 43 of list i of the constitution. statement of objects and reasons of the state financial corporations act explains the need for the statute in the following terms:in order to provide medium and long-term credit to industrial undertakings, which falls outside the normal activities of commercial ..... k.s. radhakrishnan, j.1. whether the kerala financial corporation while invoking the provisions of section 29 of the state financial corporations act, in short sfc act, can proceed against the properties offered by the sureties as collateral security for the loan advanced by the corporation, is the question that is posed for our consideration. referring bench noticed the conflict between the ruling of a division bench of this .....
Tag this Judgment!Court : Chennai
Reported in : [1985]58CompCas809(Mad)
..... division)new delhi, the 4th september, 1978.notification in exercise of the powers conferred by sub-section (1) of section 46 of the state financial corporation act, 1951 (63 of 1951), the central government hereby directs that the provisions of sections 29, 30, 31, 32, 32b, 32c, 32d, and 32f of the ..... two mortgage loans taken by the appellant. the said original petition has been filed under s. 31 of the state financial corporation act, 1951, which is intended to facilitate the speedy recovery of outstanding loans to all financial institutions such as the third respondent. the appellant has filed its counter-statement in the said original petition. ..... writ petition were that the third respondent cannot invoke s. 31 as s. 46 of the state financial corporations act is not retrospective. the said writ petition was resisted by the first respondent, the union of india, contending that being a financial institution, the impugned notification applies to it and, therefore, it is entitled to invoke s .....
Tag this Judgment!Court : Chennai
Reported in : 1998(1)CTC749
..... situations, namely (1) there is a statutory violation on the part of the state financial corporation, or (2) where the state financial corporation acts unfairly, is, unreasonable, while exercising it jurisdictionunder article 226 of the constitution, the high court docs not sit as an appellate authority over the acts and deeds of the state financial corporation, see u.p. financial corporation v. gem cap (india) pvt. ltd. and others, : 1993crilj2619 it had not ..... for the petitioner contended that the action of the respondents invoking section 29 the state financial corporation act, 1951 is arbitrary and the respondents should have taken action under section 31 of the state have taken action under section 31 of the state financial corporation act, 1951.7. in terms of section 29 of the said act, the respondents 2 and 3 for default for repayment of loan advanced as .....
Tag this Judgment!Court : Chennai
Reported in : AIR1985Mad311
..... finance department of economic affairs (banking division) new delhi the 4-9-1978 notification in exercise of the powers conferred by subs, (i) of s. 46 of the state financial corporations act, 1951 (63 of 1951), the central government hereby directs that the provisions of ss. 29, 30, 31, 32, 32-b. 32-c, 32-d. 32 ..... of two mortgage loans taken by the appellant. the said original petition has been filed under s. 31, state financial corporations act, 1951 which is intended to facilitate the speedy recovery of the outstanding loans to all the financial institutions such as respondent 3. the appellant has filed its counter statement in the said original petition. one ..... writ petition were that respondent 3 cannot invoke s. 31. as s. 46 of the state financial corporations act is not retrospective. the said writ petition was resisted by respondent 1, the union of india, contending that being a financial institution the impugned notification applies to it and therefore it is entitled to invoke s. 31 .....
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