Court : Delhi
Reported in : 1995IAD(Delhi)1238; AIR1995Delhi323; II(1995)BC42; [1998]92CompCas849(Delhi)
..... of this act or the rules made there under shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948 (15 of 1948), the state financial corporations act, 1951 (63 of 1951) the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) and the sick industrial companies (special provisions) act, 1985 (1 ..... section 33 gives power to the central government to remove difficulties, and under section 36, the central government can make rules to carry out the provisions of the act ..... under section 17, the debts recovery tribunal shall exercise the jurisdiction, powers and authority to entertain and decide applications from the banks and financial institutions for recovery of debts due to such banks and financial institutions which, as per sub-section (4) of section 1, could only be of the amount ..... under section 18 of the act, no court or other authority shall have, or be entitled to exercise, any jurisdiction, powers or authority (except the supreme court, and a ..... section 3, the central government by notification, establish one or more tribunals, to be known as the debts recovery tribunal, to exercise the jurisdiction, powers and authority conferred on such tribunal by or under this act ..... though section 15 provides for removal of the presiding officer after enquiry is made by a judge of the high court or the supreme court, as the case may be, but it will be left to the central government to initiate .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2001KAR1809; 2001(2)KarLJ534
..... this act or the rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporations act, 1948 (15 of 1948), the state financial corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) and the sick industrial companies (special provisions) act, 1985 ..... section 35 of the act confers power on the central government to remove the difficulties arising in giving effect to the provisions of the act and to pass such orders by being published by notifications and to make such provisions which are not to be inconsistent with the provisions of the act, but appear to the government to be necessary and expedient for removing the difficulty ..... by order- (a) appoint a receiver of any property, whether before or after grant of certificate for recovery of debt; (b) remove any person from the possession or custody of the property; (c) commit the same to the possession, custody or management of the receiver; (d) confer upon the receiver all such powers, as to bringing and defending suits in the courts or filing and defending applications before the tribunal and for the realisation, ..... section 15(3) also indicates, that in cases where, the presiding officer of the tribunal or appellate tribunal has to be removed on charges of incapacity and misbehaviour which may be levelled against him the power to regulate the procedure and investigation has to be regulated by central .....
Tag this Judgment!Court : Mumbai
Reported in : 1994(2)BomCR178; [1994]81CompCas599(Bom)
..... merchant submitted that the power of the state financial corporation to dispose of the property without the intervention of the court as provided in the state financial corporations act, 1951, was analogous to the power of the mortgagee to dispose of the properties without the intervention of the court in cases covered under section 69 of the transfer of property act. mr. ..... (c) on september 7, 1989, the gujarat state financial corporation took possession of the factory, land and building belonging to the company (under liquidation) situate at bharuch along with plant and machinery in purported exercise of its powers under section 20(1) of the state financial corporation act, 1951, without obtaining leave of this court, even this court as the company court was deemed to be in custody of all the assets of the company by operation of law (sic). ..... subramaniam, learned counsel for the official liquidator, has submitted that in view of the insertion of the above referred provisions in the companies act, 1 of 1956, the state financial corporation was not entitled to take custody and possession of the mortgaged or hypothecated assets without obtaining prior leave of the court in purported exercise of its powers under section 29 of the state financial corporations act, 1951. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1993Bom48; 1992(3)BomCR338; [1994]79CompCas236(Bom)
..... similarly, accordingto the respondent/applicant it being entitled to ad interim injunction restraining the non-applicants/appellants from transferring or removing the 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. ..... shri mehadia, the learned counsel for the appellants strenuously submitted that there is no investigation as contemplated under sub-section (6) of section 32 of the state financial corporations act, 1951 and the appellants were denied the opportunity to substantiate their claim. ..... it is further submitted by the learned counsel for the respondent that though it is not contemplated u/ section 32 of the state financial corporations act, 1951, to supply the better particulars to the appellants the details were supplied to him in view of their application filed on 12-1-82 for better particulars. ..... 'in short, this section gives power to the financial corporation to enforce its claims by simply moving the district judge by means of the petition and the law would act promptly in the manner laid down in the next section which has been enacted by way of speedy remedy.section 32 lays down the procedure to be followed by the district judge in respect of application under section 31. ..... (iii) on 15-12-81, advocate sau sushma sharma appeared and filed power for non-applicant nos. .....
Tag this Judgment!Court : Allahabad
Reported in : 2003(1)ARBLR110(All); [2004]55SCL54(All)
..... chhata, mathura in exercise of its power under section 29 of the state financial corporation act, 1951. ..... 1997 for rice mill and puha udyog at kosi kalam, district, mathura, and that in view of the continued defaults, action under section 29 of the state financial corporation act, 1951 was initiated and notice was issued on 30-3-1997 against the borrowing company and possession of the unit was taken over on 6-1-1998 since the company failed to make payment in terms ..... state financial corporation case (supra) relied upon by the learned counsel for the petitioner, the supreme court was dealing with the remedies available to the state financial corporation under section 29, and section 31 of the state financial corporation act, 1951 ..... financial corporation is acting in a fair and just manner in proceeding against the guarantors while it has already taken possession of the assets of the company under section 29 of the state financial corporation act, 1951, it will be necessary to examine the facts and ..... financial corporation has availed of one of the remedies out of the two which remedies available to it, namely, under section 29 and section 31 of the state financial corporation act, 1951, still it is open ..... 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 personal guaran-tee against the petitioner and other guarantors in view of .....
Tag this Judgment!Court : Kerala
Reported in : AIR1998Ker205; [2000]101CompCas117(Ker)
..... state financial corporation on taking over possession under section 29 of the state financial corporations act, the delhi high court has observed as follows: 'in my view, in the taking over of the possession under section 29 of the state financial corporations act, the owner always retains the right of ownership of the property does not pass on to thefinancial corporation, but it is only for certain purposes of affecting recovery of its dues by the sale and to remove any impediments in their way that the statute by a deeming provision has granted to the financial corporation powers ..... ranganathan (1955) 25 comp cas 344 : (air 1955 sc 604), taking into consideration the provisions of section 29 of the state financial corporations act, 1951, and the facts and circumstances of the present case, i hold that the corporation was justified in taking over possession of the assets of the company, during the pendency of the winding up proceedings, without ..... filed by the 4th respondent it is contended that the state financial corporations act, 1951 is a special statute enacted for the purpose of constituting the state level financial corporation and thereby to augment industrialisation by extending financial assistance to certain industrial concerns and the companies act is a general statute dealing with the law relating to the companies and certain associations and therefore, the state financial corporations act being a special statute will prevail over the provisions of the companies act. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1986Cal277
..... 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 installment thereof or in meeting its obligations in relation to any guarantee given by the corporation or otherwise fails to comply with the terms of its agreement with the financial corporation, the financial corporation shall have the right to take over the management or possession or both of the industrial concern, as well as the right to transfer by way of lease or ..... business for one or more of the following reliefs, namely : --(a) for an order for the sale of the property pledged, mortgaged, hypothecated or assigned to the financial corporation as security for the loan or advance; or(b) for transferring the management of the industrial concern to the financial corporation; or(c) for an ad interim injunction restraining the industrial concern from transferring or removing its machinery or plant or equipment from the premises of the industrial concern without the permission of the board, where such ..... the contention of the petitioner is that the proceedings may be started against the petitioner under sections 30 and 31 which confer upon the corporation the power to call for repayment, but the corporation cannot proceed under section 29(1) to take over the management of the industrial concern of the petitioner without obtaining an order .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(2)BomCR642
..... by the take over notice dated 19-8-1997, the respondent sought to exercise the powers conferred upon it under section 29(1) of the state financial corporations act, 1951, by taking over possession of the assets mortgaged or hypothecated to the respondent.the trial court initially granted an order of status quo, which it vacated, by the impugned order dated 16-3-1998, while declining the application for interim ..... thereafter, on 19-8-1997, the respondent stating that its demand had not 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 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. ..... consequently, the decision of the respondent to invoke its powers under section 29 of the state financial corporations act, 1951, cannot be faulted.11. ..... in arriving at this conclusion on the question of interim relief the trial court had regard to the principles of law laid down by the supreme court in relation to the exercise of powers under the state financial corporations act, 1951. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1997Delhi251
..... being an instrumentality of state, reasonableness in its conduct is necessary and guidelines were also laid down by the hon'blesupreme court for exercising powers under section 29 of the state financial corporations act, 1951 in the case of mahesh chandra v. ..... since all other points and contentions relate to the provisions of the state financial corporations act 1951 and the rights and obligations there under vis-a-vis the rights and obligations under the companies act 1956 and the effect of the provisions of the two acts, these can be dealt with together.15. ..... in my view, in the taking over of the possession under section 29 of the state financial corporations act, the owner always retains the right of ownership of the property does not pass on to the financial corporation, but it is only for certain purposes of affecting recovery of its dues by the sale and to remove any impediments in their way that the statute by a deeming provision has granted to the financial corporation powers of the owner for the limited purpose of realizing the security, to convey good marketable title to the purchaser, and ..... further vide order dated 5th november, 1992 the specific injunction with regard to possession of the said property and for removing any finished and semi finished goods, material, raw material etc. ..... while all this was going on, a petition for winding up of disco was filed on 3rd march, 1992 which was returned for removal of office objection and was refiled on 26th march, 1992 i.e. .....
Tag this Judgment!Court : Orissa
Reported in : 93(2002)CLT460; 2002(83)ECC378; 2002(144)ELT257(Ori); 2002(I)OLR558
..... 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 that act and subsequently sold the undertaking as envisaged by that section. ..... prior to its incorporation, that the transfer in favour of the petitioner in terms of section 29 of the state financial corporations act, 1951 enabled it to take the stand that it was not liable for any of the prior dues of the defaulter-company, that in view of section 468 of the state financial corporations act, the provisions of section 11 of the central excise act or rule 230(2) of the central excise rules, cannot prevail and going by the relevant provisions of the state financial corporations act, the petitioner-company had no liability for the excise duty alleged ..... 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 of that power, of the plant and machinery of a defaulting assessee sold by the financial institution to another party in auction, was not sustainable. .....
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