Court : Supreme Court of India
Reported in : 2004(5)ALLMR(SC)726; 2004(4)AWC2907(SC); III(2004)BC514; 2004(3)BLJR1780; [2004]121CompCas112(SC); [2004(4)JCR47(SC)]; 2004(5)SCALE693; (2004)7SCC151; [2004]52SCL746(SC)
..... which one of us (ruma pal, j.) was a party, while setting aside the impugned sale, observed that:'17. . it is axiomatic that the statutory powers vested in the state financial corporation under the state financial corporation act, must be exercised bonafide. the presumption that public officials will discharge their duties honestly and in accordance with the law may be rebutted by establishing circumstances which reasonably probablize ..... . on 16.5.1988, a term loan of rs.90 lacs was taken by the said company from bicico, a state financial corporation within the meaning of the state financial corporation act, 1951 (hereinafter referred to as 'the 1951 act') and a charge was registered under the companies act, 1956. at this stage, it is important to mention that central bank of india had advanced working capital of rs .....
Tag this Judgment!Court : Delhi
Reported in : ILR1973Delhi570
..... managed in a manner highly detrimental to public interest; now thereforee in exercise of the powers conferred by section 18a of the said act, the central government hereby authorises the u.p. state textile corporation ltd. (hereinafter referred to as authorised controller) to take over the management of the whole of the said undertaking, namely, lord ..... against the supply of cloth and that the bank realised the amount of all the bills from their account immediately and this tightened the financial position very much. it is also stated that the central bank stopped the operation of the accounts of the mill on the ground that the petitioner had not submitted the proforma ..... managing director of the company by contacting the bank officials for allowing the operation of the account ......... it is hereby notified that pending efforts for early financial arrangements with the bank to resume normal working of the mills the workmen and the staff of all the shifts of the department of the mills are .....
Tag this Judgment!Court : Mumbai
Reported in : 1994(2)BomCR178; [1994]81CompCas599(Bom)
..... . merchant, learned counsel for the gujarat state financial corporation, submitted that the state financial corporations act, 1951, was a special act whereas the companies act, 1 of 1956, was a general act. mr. merchant submitted that the provisions contained in the state financial corporations act, 1951, had an overriding effect over the provisions of the companies act, 1 of 1956. mr. merchant relied on the schemes of the state financial corporations act, 1951, and in particular on section 29 ..... assets of the company from the date of passing of the winding up order by the court. on a true and correct interpretation of section 29(1) of the state financial corporations act, 1951, the state financial corporation is entitled to take possession, charge, control and management of the assets of the company only so long as the company is itself in possession, control and charge of .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom48; 1992(3)BomCR338; [1994]79CompCas236(Bom)
..... well as the relevant provisions of the state financial corporations act and civil procedure code. section 31 of the state financial corporations act is a special provision for enforcement of claims by the finance corporation. the section 31 of the act reads as under:'special provision for enforcement of claims by financial corporations:-- 1. where an industrial concern in ..... plant machinery, equipments and accessories from the hypothecated premises, the respondent/ applicant has filed the proceedings under sections 31 and 32 of the state financial corporations act, 1951. the appellants/non-applicants filed written statements dtd. 7-4-82 vide exh. 11. it is admitted by the appellants/non- ..... joint civil judge, akola.2. the facts giving rise to the instantappeal are as under : the respondent is the statutory corporation established for the state of maharshtra, under the state financial corporation act, lx-iii of 1951. the appellant no. 1 is the proprietor of the proprietary concern of m/s. new .....
Tag this Judgment!Court : Allahabad
Reported in : 2003(1)ARBLR110(All); [2004]55SCL54(All)
..... any case, the contention proceeds, the interest would continue to run in accordance with the loan agreement, even if the u. p. financial corporation has invoked section 29 of the state financial corporation act, 1951, and has taken possession of the unit of the said company.50. having considered rival contentions, we are of the view that ..... fails and is rejected accordingly.34. the second contention raised by the learned counsel for the petitioner was that the u. p. financial corporation having invoked section 29 of the state financial corporation act. 1951 and having taken possession of the unit of the company, could not invoke personal guarantee given by the petitioner in view ..... for respondent nos. 3 and 4.12. the first contention raised on behalf of the petitioner is that the u. p. financial corporation having invoked section 29 of the state financial corporation act, 1951 and having taken over the possession of the unit of the company on 6-1-1998, was precluded from resorting to .....
Tag this Judgment!Court : Kerala
Reported in : AIR1998Ker205; [2000]101CompCas117(Ker)
..... those properties. the delhi financial corporation contended that the action taken by the corporation was under section 29 of the state financial corporations act and the provisions of state financial corporations act will override the provisions of the companies act by virtue of the provisions contained in section 46-b of the financial corporations act. with regard to the right conferred upon the state financial corporation on taking over possession under section 29 of the state financial corporations act, the delhi high ..... a general statute dealing with the law relating to companies and certain associations and the state financial corporations act being a special statute, the provisions of the state financial corporationsact will prevail upon the provisions of the companies act. they also contended that under section 46b of the state financial corporations act, the provisions of the act and the rules and the orders made thereunder have overriding effect over any law for .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1986Cal277
..... bench judgment of the allahabad high court in the case of munnalal gupta v. uttar pradesh financial corporation, : air1975all416 .6. section 29 of the state financial corporations act, 1951 provides : --'section 29(1) where any industrial concern, which is a liability to the financial corporation under an agreement, makes any default in repayment of any loan or advance or any ..... the notice dt. 12th july, 1984 the petitioner had failed to make any payment. the corporation gave notice to the petitioner that in exercise of its right under section 29(1) of the state financial corporation act, a representative of the corporation will take possession of the factory of the petitioner on 10th aug., 1984.4. the petitioner ..... within 15 days from the date of receipt of this notice the provisions of the security deeds under reference and the state financial corporation act, 1951 shall be enforced against you without further reference and you shall be held liable for all costs and consequence.'2. the .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(2)BomCR642
..... , depending on their perception of the risk involved in each project. consequently, the decision of the respondent to invoke its powers under section 29 of the state financial corporations act, 1951, cannot be faulted.11. the trial court has come to the conclusion that prima facie, the appellant was a defaulter and had committed a breach ..... been cleared, intimated to the appellant that the respondent was proceeding to take action in exercise of its statutory powers under section 29(1) of the state financial corporations act, 1951, for taking over possession of the securities which had been created in favour of the respondent.8. the appellant instituted a suit in the court ..... relief. the trial court found that the appellant had defaulted in the payment of the loan installments and the exercise of powers, under section 29 of the state financial corporations act, 1951, by the respondent, could not be faulted.2. against the order passed by the trial court, the present appeal from order came to be .....
Tag this Judgment!Court : Delhi
Reported in : AIR1997Delhi251
..... . mr. kumar has laid lot of stress on the non obstinate provision in the state financial corporations act. i am unable to accept the contention that the provisions of state financial corporations act override all the provisions of the companies act, a reference in this behalf be made to the full bench decision of this court ..... it is also not disputed that under section 29(4) of the state financial corporations act, the dfc cannot retain more than its dues out of the sale proceeds. thus the object of section 29 of state financial corporations act is to make provision for state financial corporations to enforce without recourse to a suit, the securities only to ..... permissible and competent in law in view of the provisions contained in section 32e of the state financial corporations act ? (b) what is the effect of amendment to the companies act, which is subsequent to the enactment of state financial corporation act with particular reference to sections 529-a, 446(2), each of which contains a .....
Tag this Judgment!Court : Orissa
Reported in : 93(2002)CLT460; 2002(83)ECC378; 2002(144)ELT257(Ori); 2002(I)OLR558
..... dated 22.11.1997. the orissa ply and panels ltd, had mortgaged the undertaking to the orissa state financial corporation (hereinafter referred to as 'financial corporation'). the financial corporation in exercise of its power under section 29 of the state financial corporation act, 1951, took over the industrial unit with all its assets in terms of section 29(1) ..... of the undertaking was not by the original manufacturer or the owner himself but the same was at the instance of the financial corporation in terms of the state financial corporations act. going by the ratio of the decisions above referred to, we are of the view that the assignee-petitioner cannot resist ..... commissioner of customs and central excise, hyderabad, 1999 (106) elt 296 (a.p.). therein, a division bench of andhra pradesh high court held that state financial corporations act, 1951 was a special enactment and it prevailed over rule 230(2) of the central excise rules and hence the order of detention in purported exercise .....
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