Supreme Court · 2002 INSC 51 · Decided 28 January 2002
Haryana Financial Corporation and ANR. v. M/S. Jagdamba Oil Mills and ANR.
- Court
- Supreme Court of India
- Citation
- 2002 INSC 51 · [2002] 1 S.C.R. 621
- Case number
- CIVIL APPEAL No. 607/2002
- Decided
- 28 January 2002
- Bench
- B.N. KIRPAL, K.G. BALAKRISHNAN, ARIJIT PASAYAT (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
B State Financial Corporqtion Act, 1951 Sections 29 &30--Default in repayment of loan-Seizure of defaulting unit-Duty cast upon the borrower to repay the instalments in time unless C prevented by unsurmountable difficulties-Reg11lar payment is the rule and non-payment due to extenuating Financial Corporations empowered to take over management! possession or both to deal with it. Legislative intent of the Act-To promote industrialisation by giving financial assistance-Realisation of objective-Financial Corporation has to recover tha loan amounts so that fresh loan can be given to
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