Court : Delhi
Reported in : 2006(90)DRJ602
..... 4 on 8.02.1989 by the respondent no. 1 corporation. this was followed by a notice dated 18.06.1990. when efforts to take possession of the unit failed, ..... sharma, both of whom were stated to be its promoter directors. the said five persons stood as guarantors for the repayment of the loan borrowed by respondent no. 4 company.2. as a result of default in repayment of the loan, a show cause notice under section 29 of the state financial corporations act, 1951 (act) was issued to respondent no. ..... (2004) 11 scc 625 wherein it was held that provisions of section 32(g) of the act applies to sureties as well. it was further held that section 32(g) merely provided an additional mode of recovery to a state financial corporation. the court expressly rejected the submission that there had to be an adjudication and a finding prior to .....
Tag this Judgment!Court : Mumbai
Reported in : I(2006)BC201; 2005(3)BomCR562; [2005]127CompCas631(Bom); 2005(2)MhLj946
..... towards the sale proceeds of the mortgaged properties. the said mortgaged properties were sold by the petitioner in exercise of power conferred under section 29 of state financial corporation act, 1951.6. the learned counsel appearing for the respondents have inter-alia contended before me that the present petition should be dismissed in the light ..... s.u. kamdar, j.1. the present petition is filed under the provisions of section 31(1)(aa) of the state financial corporation act, 1951. the petitioner is a financial institution. some time in or about february, 1993 the company known as sanjivani agro industries approached the petitioner with a request ..... of mortgaged property. thus the present petition cannot lie under the provisions of the said act. the learned counsel for the respondent corporation has rightly drawn my attention to the judgment of the apex court in the case of mahrashtra state financial corporation v. jaycee drugs and pharmaceuticals pvt. ltd and ors. reported in : [1991] .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2007KAR44
..... bangalore rural district, bangalore, in miscellaneous no.61/1993, whereby the learned district judge has allowed the petition filed by the 1st respondent corporation (ksfc) under section 31(1)(aa) of the state financial corporation act in part holding that the appellant and the respondents 2 to 5 shall be jointly and severally liable to pay a sum of rs. ..... of guarantee executed by the appellant and the other respondents, they did not pay the amount and hence the 1st respondent corporation filed the petition under section 31(1)(aa) of the state financial corporation act with a prayer for directing the appellant and the other respondents to pay jointly and severally a sum of rs. 1,11 ..... payment. they have been directed to pay the amount within three months from the date of the order.2. the 1st respondent corporation filed a petition under section 31(1)(aa) of the state financial corporation act for directing the appellant and the respondents 2 to 5 to pay rs. 1,11,91,338/- with interest at 16.5 .....
Tag this Judgment!Court : Jharkhand
Reported in : 2009(57)BLJR302; [2009(1)JCR218(Jhr)]
..... guarantee but all on a sudden, the petitioner received a notice dated 29.7.2002 intimating therein that an application under section 32(g) of the state financial corporation act has been filed against him and other directors for recovery of the dues. immediately thereafter the petitioner appeared before the concerned officer and placed his case ..... in reference no. 386 dated 12.6.2006 (annexure 10) whereby specified authority in exercise of power conferred under section 32(g) of the bihar state financial corporations act issued a certificate for recovery of a sum of rs. 2,36,78,313.94 along with pendente lite and future interest and made request from the ..... given personal guarantee for securing the loan advanced by bihar state financial corporation and as m/s. chinar foods pvt. ltd has failed to liquidate the dues, step has been taken by the corporation for recovery of the dues in terms of section 32(g) of the state financial corporation act from the company and also from the petitioner, as .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)104CTR(Guj)236; [1992]196ITR822(Guj)
..... amount not exceeding - (a) in the case of a financial corporation or a joint financial corporation established under the state financial corporations act, 1951 (63 of 1951), or an institution deemed under section 46 of that act to be financial corporation established by a state government for the state within the meaning of the act, forty per cent.; (b) in the case of any other financial corporation, - (i) where the paid up share capital of the ..... . cit 0043/1985 : [1988]174itr206(kar) , in support of the view canvassed by it. that was a case in which the assessee, a state financial corporation, established under the state financial corporations act, 1951, filed a return for the assessment year 1975-76, declaring that it had created a sum of rs. 19,97,806 as a special reserve and claimed deduction under .....
Tag this Judgment!Court : Mumbai
Reported in : [1995]82CompCas556(Bom)
..... meet is obligations under the terms of any agreement with the financial corporation, the latter could have recourse to sections 29 and/or 31 of the state financial corporations act, 1951, notwithstanding the bar of section 22 of the sick industrial companies (special provisions) act, 1985 (the act with which we are concerned herein) and the court answered ..... the same in the following words (at page 817) : 'it is, therefore, not possible to agree that the 1951 act is a ..... in support of the above contention reliance was also placed upon the judgment of the supreme court in the case of maharashtra tubes ltd. v. state industrial and investment corporation of maharashtra ltd. [1993] 78 comp cas 803. 5. to appreciate the above contentions it will be apposite at this stage to refer .....
Tag this Judgment!Court : Kerala
Reported in : 2006(3)KLT287; (2007)9VST519(Ker)
..... repaying the loan and the mortgaged properties were taken over by k.s.i.d.c. in exercise of the powers conferred under section 29 of the state financial corporations act, 1959. the properties were brought to sale and were purchased by the writ petitioner, namely, parisons milling co. pvt. limited. sale was confirmed in ..... 612, delhi auto and general finance pvt. ltd. v. tax recovery officer 1999 114 stc 273 and state of m.p. v. state bank of indore : (2002)10scc441 .9. section 29 of the state financial corporations act enables the financial corporation to take over management or possession as well as to lease, sell or mortgage the property and realise the ..... sections 26a and 26b of the kerala general sales tax act, 1963 (for short 'the k.g.s.t. act') would not prevail over the provisions of section 29 of the state financial corporations act which is enacted to safeguard the interest of the state financial corporation. further it was also stated that sections 26a and 26b are ultra vires and .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2009(1)AWC847(SC); [2009]147CompCas531(SC); 2008(161)LC1(SC); 2009(233)ELT433(SC); JT2009(1)SC87; 2009(1)SCALE10; (2009)2SCC121; [2009]16STJ1(SC); [2009]18STT100:2009AIRSCW635:2009(1)Supreme110
s.b. sinha, j.1. leave granted.2. whether realization of the duty under the central excise act will have priority over the secured debts in terms of the state financial corporation act, 1951 (1951 act) is the core question involved herein.3. respondent no. 2 borrowed a sum of rs. 51,00,000/- from the first respondent by an ..... indenture of mortgage executed on 22.12.1986. indisputably, the mortgage created under the said document is governed by the provisions of the 1951 act. it also ..... prevail over the crown debt.31. furthermore, the right of a state financial corporation is a statutory one. the act contains a non-obstante clause in section 46b of the act which reads as under:section 46b--effect of act on other laws--the provision of this act and of any rule or orders made thereunder shall have effect notwithstanding .....
Tag this Judgment!Court : Karnataka
Reported in : 2003(5)KarLJ164
..... . in view of the above, we allow these petitions as follows:(i) the impugned orders passed by the karnataka state financial corporation under section 29 of the state financial corporations act authorising its officers to take possession of the properties of petitioners are quashed.(ii) the karnataka state financial corporation is directed not to proceed against the property of the surety, mortgaged/hypothecated in its favour, under section 29 of ..... of the amounts advanced to a.p. rocks private limited. as the borrower committed default, ksfc passed an order dated 20-11-2000 under section 29 of the state financial corporations act, 1951 (for short, 'sfc act') directing that possession of the said two properties belonging to the petitioners be taken over. feeling aggrieved, the petitioners have filed these petitions praying that the said order .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1991MP156; 1991(0)MPLJ36
..... of the terra employed in section 2(c)(iii) of the state financial corporations act, 1951, for short, the 'act'. he moved this court on 30-7-1987 against an order passed on 29-6-1987 by learned district judge, gwalior under section 32(1) of the act, attaching properties of the petitioner mentioned in schedule a and b of ..... not hit by article 14 of the constitution. the view expressed by a full bench in state financial corporation v. satpathi bros. (air 1975 ori 132) was accepted. the orissa high court expressed the view that the provisions of the act, including section 31, were more liberal and in any case they were progressive because parties would ..... a division bench decision in thressiamma varghese v. kerala state financial corporation (air 1986 ker 222) made it clear that the area of remedies and relief contemplated under the act would prevail against the provisions of other laws such as transfer of property act and c.p.c. as the act deserved primacy.11. before a learned single judge in .....
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