Supreme Court · 2008 INSC 353 · Decided 13 March 2008
Karnataka State Financial Corporation v. N. Narasimahaiah and ORS.
- Court
- Supreme Court of India
- Citation
- 2008 INSC 353 · [2008] 4 S.C.R. 853
- Case number
- CIVIL APPEAL No. 610/2004
- Decided
- 13 March 2008
- Bench
- S.B. SINHA, LOKESHWAR SINGH PANTA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 14, 12; Contract Act Section 128; Transfer of Property Act Section 69
Headnote
A B ·~ State Financial Corporations Act, 1951: s.29 - Jurisdiction of Corporation to proceed against surety/guarantors under s. 29 - Held: Corporation cannot C proceed against the surety under s. 29 - Right of Corporation in terms of s. 29 must be exercised only on There cannot be any default as is envisaged in s.29 by a surety or a guarantor- Liability of surety or guarantor to repay the loan of the principal debtor arises only when a default is D made by the latter. s. 29 - Object of - Held: Is to expeditiously realize the dues of the Corporation - s. 29
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