Supreme Court · 2007 INSC 1311 · Decided 14 December 2007
M/S. Everest Wools PVT. LTD. and ORS. v. U.P. Financial Corporation and ORS.
- Court
- Supreme Court of India
- Citation
- 2007 INSC 1311 · [2007] 13 S.C.R. 857
- Case number
- CIVIL APPEAL No. 2707/2003
- Decided
- 14 December 2007
- Bench
- S.B. SINHA, H.S. BEDI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 12, 14; Contract Act Section 151
Headnote
< ... U.P. State Financial Corporation Act, 1951; Ss.29 and 31/UP. Public Moneys (Recovery of Dues) Act, 1972: c Recovery of loan-A company took loan from State Financial Corporation and later ji·om another State Undertaking-Issuance of Notice to company by the Corporation to explain as second hand plant and machinery in breach of contract-In exercise of power u/s. 29of1972 D Act, assets of company taken over by the Corporation and the State Undertaking invoking guarantees executed by Managing Director of Company-Challenge to-Dismissed by High Court-On appeal, Held: Statutory
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