Court : Gujarat
Reported in : AIR2002Guj287; (2002)4GLR2789
..... the corporation should be permitted to act in accordance with section 29 of the gujarat state financial corporations act, 1951 unless the court comes to a definite conclusion that the corporation is acting in violation of principles of natural justice and in violation of the norms indicated by the apex court in the case of mahesh chandra ( ..... gsfc is incorporated under the provisions of the state financial corporation act, 1951. ..... 1993 sc 1435] considered section 29 of the state financial corporations act. ..... as and when installments are paid, the same is again redistributed to other needy entrepreneurs and therefore, if the installments are not paid, it would be difficult for the state financial corporation to render assistance to other entrepreneurs and consequently, that will have effect not only on the industries but on the persons who are likely to be employed and would result into loss to the public at large as a ..... it appears that the state financial corporation was so liberal that it granted even one ..... the instant case, it is not the case of two separate properties, but it is the case of only one property namely a hotel and the court itself cannot exercise the power of auctioneer to find out the better buyers by thinking that if property is sold in piece meal it would fatch more price. ..... the court permits such petitioners to stall the cases without money, we are afraid gsfc will find itself in difficulty in advancing loans and there will be no buyer for the property in question.11. .....
Tag this Judgment!Court : Gujarat
Reported in : [2009]150CompCas770(Guj); [2009]96SCL384(Guj)
..... under these circumstances, the sicom in exercise of the powers reserved/vested unto it under the said mortgage and under the provisions of section 29(i) of the state financial corporations act, 1951, after giving due notice to the company entered into and/or took over possession of the said premises being the ..... is established by the government of maharashtra for financing of industrial concerns and is a deemed financial corporation within the meaning of section 46 of the state financial corporations act, 1951, by virtue of notification dated december 11, 1986, issued by the government of india. ..... mehta has submitted that in exercise of its powers conferred upon it under the provisions of the state financial corporations act, 1951, sicom issued a take over notice dated march 2, 1990, calling upon the defaulting ..... of the said petition the properties of the company were sold by sicom being secured creditors, while exercising its powers under section 29 of the state financial corporations act. ..... 83 of 1988, the bifr permitted sicom to enforce its statutory rights by invoking section 29 of the state financial corporations act, for the recovery of its dues and pursuant to the same sicom auctioned the properties of ..... accordingly, under section 29 of the state financial corporations act, the sicom is empowered to take over possession of the securities/assets mortgaged by the concerned mortgagor and sell the same for the recovery of its dues, without intervention of court or permission .....
Tag this Judgment!Court : Gujarat
Reported in : AIR2008Guj79; 2008GLH(1)346; (2008)2GLR1659
..... 3 had taken the possession o the assets and property of the petitioner-company in or about july, 1999 under section 29 of the state financial corporation act, 1951 which were jointly financed with respondent no. ..... it has been contended on behalf of the petitioner that the property in question was already earlier in the possession of giic under section 29 of the state financial corporation act, and thereafter, giic has entrusted the possession to respondent nos. ..... the contention of the learned counsel for the petitioner that the bank is not representing the interest of secured creditor exceeding 75 percent and therefore, the action is without any authority or in breach of section 13(9) of the the mandatory provisions act, if considered, it appears that same cannot be sustained, and the reason being that earlier possession was with the giic under section 29 of the state financial corporation act. ..... at the relevant point of time the petitioner has not challenged such action of taking over of the possession under section 29 of the act of the state financial corporation act. ..... it has also been submitted on behalf of the petitioner that as per the requirement of section 13(9) of the act before proceeding with the auction under the securitization and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter referred as to the 'act') the creditor concerned must have consent of the creditors exceeding 75 percent interest of all the creditors. .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]132CompCas579(Guj); [2005]57SCL184(Guj)
..... the contention raised on behalf of the appellant before the apex court was that the state financial corporations act, 1951 being a special act, power of the corporation to invoke provisions of section 29 of the act of 1951 was absolute and cannot be restricted by any other law. ..... in other words, the statutory right to sell the property under section 29 of the act of 1951 has to be exercised with the rights of pari passu charge to the workmen created by the proviso to section 529 of the companies act'.if the statutory provision in state financial corporations act,1951 cannot prevail over provisions of the companies act, it is not possible to accept the contention raised on behalf of the applicant ongc that it has any superior right on the basis of orders made by the apex court.24. ..... official liquidator,(2000) 7 scc 291 the apex court was called upon to decide as to whether the provision of section 29 of state financial corporations act,1951 can override the provisions of sections 529 & 529a of the act. ..... state financial corporation v. ..... the apex court in no uncertain terms, after referring to non obstante clause with which section 529a of the act opens, stated that 'the above proviso to sub-section (1) of section 529 and section 529-a will control section 29 of the act of 1951. .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)1GLR59
..... .(2) the provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948, the state financial corporations act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984 and the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989 ..... .(2) where there has been under any scheme under this act an amalgamation of a sick industrial company with another company, the provisions of section 72a of the income-tax act, 1961 (43 of 1961), shall, subject to the modifications that the power of the central government under that section may be exercised by the board without any recommendation by the specified authority referred to in that section, apply in relation to such amalgamation as they apply in relation to the amalgamation of a company owning an industrial undertaking ..... . the appellant alternatively contended that even if the proceedings pending against the company are covered by section 22 of sica, non-obstante clause in section 34 of rddb act, which is a subsequent legislation will operate and recovery could not have been suspended, stalled or arrested.interpretation of statutes.25 .....
Tag this Judgment!Court : Gujarat
Reported in : 2009[14]STR11
..... (supra) was in context of section 29 of the state financial corporation act, 1951 and reference to rule 230(2) of the rules as they then stood (which are no longer on the statute book) cannot make the said decision applicable in the facts of the present case.5. ..... chokshi tubes company, despite the provisions contained in section 11 of the central excise act, 1944 read with rule 230(2) of the central excise rules, 1944? ..... merely because the tubes company was initially 49% shareholder in the joint venture company it cannot be stated that the sums due to the joint venture company are the sums due to the tubes company. ..... it was contended that provisions of section 11 of the central excise act, 1944 (the act) permit deduction of the amount payable to a person from whom certain sums of duty are required to be recovered. ..... section 11 of the act can have no application in the facts of the case. ..... section 11 in fact permits such adjustment only when in hands of the same person the monies are recoverable on the one hand and monies are also payable on the other hand to the same person. .....
Tag this Judgment!Court : Gujarat
Reported in : [2007]75SCL248(Guj)
..... the said division bench judgment reported in gujarat state financial corporation's case (supra) had followed the decision of the division bench of the karnataka high court in international coach builders ltd ..... 1995, the judgment of the division bench of this court in gujarat state financial corporation's case (supra) was set aside.14. ..... the gujarat state financial corporation has the same liberty for moving the learned company judge for appropriate directions for realisation of the sale proceeds of the assets ..... reversed the judgment of this court in gujarat state financial corporation's case (supra). ..... advocate, for the appellant has stated that when the appeal was filed, the division bench of this court in the case gujarat state financial corporation v. ..... this:we, therefore, hold as under:(1) the right unilaterally exercisable under section 29 of the sfc act is available against a debtor, if a company, only so long as there is no order of winding up;(2) the sfcs cannot unilaterally act to realise the mortgaged properties without the consent of the official liquidator representing workmen for the pari passu charge in their favour under the proviso to section 529 of the companies act, 1956;(3) if the official liquidator does not consent, the sfcs ..... plant and machinery after producing the necessary material before the official liquidator in support of their claims for the aforesaid amounts.these applications are accordingly disposed of liberty to move the court in case of difficulty.12. .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)3GLR695
..... it is further contended that the corporation has issued notice under section 29 of the state financial corporation act, 1951. ..... section 29 of the state financial corporation act gives right to financial corporation to take over the management or the possession or both of the industrial concern as well as the right to transfer by way of lease or sale and realise the property pledged, mortgaged, hypothecated or assigned to the financial corporation, without even approaching the civil court ..... 1 is the gujarat state financial corporation which disbursed the loan of rs ..... 2, and in view of this, the corporation is not entitled to invoke the powers under section 29 of the act. ..... g.s.f.c reported in : (1990)2glr1250 has laid down that where a loan advanced by the corporation to a concern remains unpaid, the corporation can, without having recourse to a court of law, take over the possession of the industrial concern and even possession can be taken over from the third party ..... learned advocate appearing for the appellants has raised following contentions, namely: (1) the suit is time-barred under the provisions of section 3 read with section 27 of the limitation act, 1963; and (2) there is no privity of contract between the respondents and appellant no. ..... the corporation can independently exercise the powers against the defaulter under section 29 of the act and, therefore, the provisions of section 3, read with section 27 of the limitation act cannot be made applicable to the respondent authority.6 .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]123ITR395(Guj)
..... act was not restricted to human beings and included a corporation similar to the kerala financial corporation constituted under a central, provincial or state act. ..... it may be pointed out that these decisions, one of the supreme court in andhra pradesh state road transport corporation's case : [1964]52itr524(sc) and the other in kerala financial corporation's case : [1971]82itr477(ker) are in line with the observations in sodra devi's case : [1957]32itr615(sc) and the word 'individual' therefore can be interpreted to mean a juridical person as well. ..... the decision of the full bench of the kerala high court in kerala financial corporation v. ..... it thus means that by the latest enactment of parliament, a corporation established by or under central, state or provincial act, which till that moment was looked upon as an individual is now considered to be a company and by virtue of the suspension since assessment year 1960-61 of the provisions of the w.t. ..... to hindus governed by the law of the joint family, but not including mappilla families who are governed by the mappilla marumak-kattayam act has not made any discrimination and the charging section is not liable to be struck down on the ground that the mappilla family may have to pay tax at a lower rate, whereas a hindu undivided family, by reason of the amalgmation of the expenditure of all the members of the family, ..... vii confer powers of the widest amplitude on the legislature and that these constitutional entries in sch. .....
Tag this Judgment!Court : Gujarat
Reported in : [2007]135CompCas407(Guj)
..... karnataka state financial corporation reported in 114 company cases 614 has reversed the judgment of this court in gujarat state financial corporation's case (supra). ..... even assuming to the contrary, if a conflict arises, then we respectfully reiterate the view taken by the division bench of this court in a.p.state financial corporation case (supra). ..... vasavada, learned advocate for the appellant has stated that when the appeal was filed, the division bench of this court in the case of gujarat state financial corporation v. ..... gujarat state financial corporation has the same liberty for moving the learned company judge for appropriate directions for realisation of the sale proceeds of the assets.6. ..... after laying down the said principle, the hon'ble supreme court was also concerned with the appeal filed by the liquidator against the case of gujarat state financial corporation (supra). ..... karnataka state financial corporation (1994) 81 comp. ..... (ifci) under the provisions of section 30 of the industrial finance corporation act, 1948 (hereinafter referred to as the act). ..... and since the official liquidator can do nothing without the leave or concurrence of the court, all necessary applications must, therefore, come to the company court.we do not really see a conflict between section 29 of the sfc act and the companies act at all, since the rights under section 29 were not intended to operate in the situation of winding up of a company. ..... liberty to move the court in case of difficulty.10. .....
Tag this Judgment!