Supreme Court · 2005 INSC 166 · Decided 30 March 2005
Karnataka State Industrial Investment and Development Corporation LTD. v. M/S. Cavalet India LTD. and ORS.
- Court
- Supreme Court of India
- Citation
- 2005 INSC 166 · [2005] 2 S.C.R. 1183
- Case number
- CIVIL APPEAL No. 2062/2002
- Decided
- 30 March 2005
- Bench
- Y.K. SABHARWAL, TARUN CHATTERJEE (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 226
Headnote
State Financial Corporation Act, 1951 : Object and purpose of-Discussed Section 29-Borrower-Default in repayment-Right of Corporation to A c sell property of the borrower-Held: If inspite of giving an opportunity to pay debts, the borrower fails, then Corporation can exercise the right to sell party since the object of the Act is to obtain the best price D by maximum public participation-On facts, Borrower was given fair chance to either bring better offer or a one time settlement, but borrower failed to so, hence sale to third party not void, illegal and contrary to Section 29.
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