Court : Kolkata
..... petitioner was aggrieved by any auction taken by the officers of the respondent no. 1, they should take recourse to the provisions of section 9 of the state financial corporation act, 1951. the tribunal also held that it did not find any ground to interfere as it could not work as an appellate authority in relation to actions ..... that they hold first charge over 2.59 acres of land. in sum and substance, the corporation has stated that interest in favour of west bengal financial corporation has accrued after the date of the notice issued under section 30 of the state financial corporations act, 1951 and is also accruing day to day. as on 30th june, 2010 the total ..... on 22.6.2010. it will show that the auction/process of sale was not prevented. in that background, the financial corporation notified that in exercise of powers conferred under section 29(1) of the state financial corporations act, 1951, the fixed assets of the cold storage unit of the respondent no. 2 comprised in 3.46 acres of .....
Tag this Judgment!Court : Kolkata
..... petitioner was aggrieved by any auction taken by the officers of the respondent no. 1, they should take recourse to the provisions of section 9 of the state financial corporation act, 1951. the tribunal also held that it did not find any ground to interfere as it could not work as an appellate authority in relation to actions ..... that they hold first charge over 2.59 acres of land. in sum and substance, the corporation has stated that interest in favour of west bengal financial corporation has accrued after the date of the notice issued under section 30 of the state financial corporations act, 1951 and is also accruing day to day. as on 30th june, 2010 the total ..... on 22.6.2010. it will show that the auction/process of sale was not prevented. in that background, the financial corporation notified that in exercise of powers conferred under section 29(1) of the state financial corporations act, 1951, the fixed assets of the cold storage unit of the respondent no. 2 comprised in 3.46 acres of .....
Tag this Judgment!Court : Kolkata
..... petitioner was aggrieved by any auction taken by the officers of the respondent no.1, they should take recourse to the provisions of section 9 of the state financial corporation act, 1951. the tribunal also held that it did not find any ground to interfere as it could not work as an appellate authority in relation to actions ..... that they hold first charge over 2.59 acres of land. in sum and substance, the corporation has stated that interest in favour of west bengal financial corporation has accrued after the date of the notice issued under section 30 of the state financial corporations act, 1951 and is also accruing day to day. as on 30th june, 2010 the total ..... on 22.6.2010. it will show that the auction/process of sale was not prevented. in that background, the financial corporation notified that in exercise of powers conferred under section 29(1) of the state financial corporations act, 1951, the fixed assets of the cold storage unit of the respondent no.2 comprised in 3.46 acres of .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1997Cal262
..... possession of the factory to any third party without filing a suit for foreclosure of the mortgage. accordingly, a suit was filed under section 31 of the state financial corporations act before the learned district court at barasat, which mr. kar submitted was till pending.12. mr. kar contended that, although, the order of winding up ..... of rs. 21,07,500/- from the highest offerer. b) leave be given to the applicant to proceed with the suit filed under section 31 of the state financial corporations act, being original suit no. 19 of 1994, pending before the learned district judge's court of barasat against the guarantors, who are ex-director of the ..... the pari passu charge created under the proviso to sub-section (1) of section 529 of the companies act had been duly recognised as co-existing with the rights of a financial corporation under section 29 of the state financial corporations act, 1951.43. mr. banerjee then submitted that having regard to the nature of the provisions of sections .....
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!Court : Orissa
Reported in : 2006(II)OLR423
..... charge of the assets of the company which is being wound up, the distribution of the proceeds of the sale of assets held at the instance of the financial institution under rdbi act or state financial corporation act (not applicable in this case) can only be in association with the official liquidator under the supervision of the company court. the apex court has gone into the ..... of bifr has commenced a winding up proceeding and the details of which have already been stated above.26. while dealing with the provisions of rdbi, the provisions of the companies act and state financial corporation act a three judge bench of the supreme court in the case of rajasthan financial corporation and anr. v. official liquidator and anr. reported in : air2006sc755 have made some very pertinent observations .....
Tag this Judgment!Court : Chennai
Reported in : 1998(3)CTC753
..... . there should be proper value judgment with fairness and equity... ......'19. in mahesh chandra v. regional manager u.p. financial corporation and others, 1993 (1) scc 279, their lordships were considering the scope of sections 24 of the state financial corporations act. under that section, the financial corporation is entitled to bring the property of a debtor to sale and realise the proceeds. the circumstances under which the ..... property could be brought to sale are not clearly stated. but the power is given. their lordships considered under what circumstances the power has .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1989]175ITR87(AP)
..... that act, forty per cent., (b) in the case of any other financial corporation. - (i) where the paid-up share capital of the ..... reserve created by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development in india, an 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 the state government for the state within the meaning of .....
Tag this Judgment!Court : Mumbai
Reported in : 2008(2)BomCR267; (2007)109BOMLR2757; 2008(2)MhLj262
..... into account for computing the number of directors liable to such retirement. 9. on behalf of the petitioners/accused in addition to invoking section 27 of the state financial corporations act, 1951, in case of a6/s.r. singh, reliance is placed on elizabeth leela george v. hmt international and ors. 2007 all scr 948 ..... contends that the said proviso is brought about only to explain the prohibition contained in sub-section (3) of section 27 of the state financial corporations act, 1951. 11. section 141 of the act deals with offences by companies and subsection (1) thereof provides that if the person committing an offence under section 138 is a company ..... made in the complaint. that apart a6/s.r. singh who was admittedly a nominee director of karnataka state financial corporation enjoyed the immunity provided by clause (b) of sub-section 3 of section 27 of the state financial corporations act, 1951 and therefore no process could have been issued against him. the second proviso to section 141 .....
Tag this Judgment!Court : Karnataka
Reported in : IV(2005)BC310; [2005]126CompCas522(Kar); [2006]65SCL76(Kar)
..... rules 147 to 152, 156, 179 and 273 of the companies (court) rules ?(ii) whether the position of a secured creditor who is a financial corporation under the provisions of the state financial corporations act, is different from that of the other secured creditors ?(iii) whether non-notification of the amount due to a secured creditor from a company under liquidation within the time prescribed ..... its favour for repayment of loan advanced by it in favour of the company. m/s. ksiidc, a state owned financial corporation, within the meaning of this expression under the state financial corporations act, 1951 (for short, sfc act), it appears, had invoked its powers under section 29 of the sfc act to take over the assets and the unit of the company under liquidation, particularly, the land, building .....
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