Court : Kerala
Reported in : [1995]82CompCas1(Ker)
..... , j.1. in c. a. no. 123 of 1994 in c. p. no. 5 of 1993 the learned single judge held that under section 29 of the state financial corporations act, 1951, the first respondent (kerala financial corporation) has the right to sell the industrial concern, its machinery and equipment in one lot and the landed property with the building separately. the appellant who has taken ..... an overriding preferential payment pari passu with the debts due to secured creditors and the non obstante clause in the said section has to prevail over section 29 of the state financial corporations act. the said ruling has no application to the facts of the case in hand as in the present case it is seen that the permission was granted by the learned .....
Tag this Judgment!Court : Karnataka
Reported in : AIR2007Kant187; 2007(2)CTLJ399(Kar); ILR2008KAR1311; 2007(6)KarLJ624
..... provisions of the said act carry on and transact the business of granting loans or advances to, or subscribing to debentures of ..... . section 24 of the state financial corporations act, 1951 states that the board is discharging its function under the act, shall act on business principles, due regard being had by it to the interests of industry, commerce and the general public. section 25 of the state financial corporations act, 1951 provides for business which financial corporation may transact. sub-section (h) of section 25(1) of the state financial corporations act, 1951 states that financial corporation may, subject to the .....
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 : Andhra Pradesh
Reported in : 2000(1)ALD(Cri)117; 1999(6)ALT249; 2000CriLJ1297
..... regional manager, u.p. financial corporation, : [1992]1scr616 the supreme court considered the scope of section 29 of the state financial corporations act, 1951. the said provision empowers the financial corporation to seize a 'defaulter industrial unit' and sell the same. holding that section 29 of the state financial corporations act confers wide power to ensure ..... other remedies in tort and criminal law. on this aspect, the supreme court observed:'the fact that an act by the state executive or by a state functionary acting under a pretended authority gives rise to an action at common law or even under statute and that the ..... corporation, : [1990]1scr818 it was held that the power of judicial review is limited to grounds of illegality, irrationality and procedural impropriety. dealing with the meaning of arbitrariness the hon'ble supreme court held:'the meaning and true import of arbitrariness is more easily visualised than precisely stated or defined. the question, whether an impugned act .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR278(Raj)
..... than dividend on preference shares.4. the rajasthan financial corporation (hereinafter referred to as 'the assessee') is a state financial corporation established by the government of rajasthan under the provisions of the state financial corporations act, 1951, (hereinafter referred to as 'the financial corporations act'). it was established in the year 1955, by a notification issued by the state government under section 3 of the financial corporations act, with an authorised capital of rs. 2,00 ..... , on the dividend paid on the shares of the madhya pradesh financial corporation which was established under the state financial corporations act. we have perused the said decision but we find that in that case no argument was raised that the dividend paid by the madhya pradesh financial corporation which was a corporation established under the state financial corporations act, was a dividend on preference shares and could be taken into consideration for .....
Tag this Judgment!Court : Rajasthan
Reported in : II(2005)BC110; RLW2005(2)Raj1083; 2004(4)WLC766
..... the loan and pay the instalment due against the petitioner.22. mr. soral also referred the provisions of section 29 of the state financial corporation act, 1951, which deals with the rights of financial corporation in case of default. he further submits that section 55 as referred by learned counsel for the petitioner is not applicable to ..... the loan amount as well as the instalment against the sale price the respondents have no other option except to initiate action under section 30 of state financial corporation act, 1951.20. mr. soral further vehemently disputed this fact that the representation is still pending. he referred the representation submitted by the petitioner and ..... mr. sharma after making detailed submissions further submits that the notice dated 8.3.2001, which was issued by the respondents under section 30 of the state financial corporations act deserves to be quashed and set aside and the rfc should be further directed to make the payment of rs. 13,52,000/- along with the .....
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 : Orissa
Reported in : 2001(I)OLR87
..... 273 and air 1989 sc 2ii3 held as follows :'it is settled law that where a petition is filed by the state financial corporation under sections 31(1) and 32 of the state financial corporations act, 1951 for enforcing the liabilities of the sureties which are co-extensive with the principal debtor who did not make the ..... the said appeal solely on the ground that the application filed under section 31(1)(aa) of the state financial corporations act, 1951 (hereinafter referred to as 'the act') was barred by limitation. the appellant-corporation being aggrieved by the above-referred judgment has filed this letters patent appeal.2. shorn of unnecessary details, ..... decree.10. the nature of the proceeding instituted under section 31(1) of the state financial corporations act came into scrutiny once again by the apex court in the case of everest industries corporation and ors. v. gujarat state financial corporation, air 1987 sc 1950.the apex court once again reiterating the discussions made in the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2006]134CompCas611(P& H); (2006)143PLR507; [2007]78SCL130(Punj& Har)
..... of a debtor company, the provisions of section 529 and 529a come into play and whatever superior rights had been ensured to state financial corporations under the provisions of the state financial corporation act are now subjected to and operate only in conjunction with the special rights given to the workmen, who as pari passu ..... in the same proportion as their dues. the court concluded to the following effect:25 ...no doubt, section 29 of the state financial corporation act was intended to place the state financial corporations on a better footing. but, in our view, this better footing is available only so long as the debtor is not ..... , the distribution of the proceeds of the sale of the assets at the instance of the financial institutions under the recovery of debts due to banks and financial institutions act, 1993, or of financial corporations under the state financial corporation act, 1951, can only be with the association of the official liquidator and under the supervision of .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1981Guj212; (1981)GLR982
..... work also. an application for loan was made by the petitioner-company to the respondent-corporation, which is a financial corporation established under section 3 of the state financial corporations act, 1951. the board of directors of the corporation by its resolution passed on 24-7-1978 sanctioned a loan to the petitioner to the ..... of commercial banks.' in order to achieve this objective, the respondent -corporation, as per section 24 and section 25 of the state financial corporations act, j951 is authorised to conduct its business, of course, on business principles but with 'due regard being had by ..... for the sole purpose of assisting industrial concerns as defined in clause (c) of section 2 of the state financial corporations act. 1951. as the statement of object-, and reasons shows it was an act made 'inorder to provide medium and long-term finance to industrial undertakings which fail outside the normal activities .....
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