Supreme Court · 2011 INSC 834 · Decided 5 December 2011
M/S. Industrial Promotion and Investment Corporation of Orissa Limited v. M/S. Tuobro Furguson Steels Private Limited & Others
- Court
- Supreme Court of India
- Citation
- 2011 INSC 834 · [2011] 13 S.C.R. 445
- Case number
- CIVIL APPEAL No. 1850/2007
- Decided
- 5 December 2011
- Bench
- AFTAB ALAM, RANJANA PRAKASH DESAI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
State Financial Corporation Act, 1951: s.29 - Contract C of sale -Corporation took over a Foundry Unit after its original promoters defaulted in payment of its dues - Publication of advertisement for sale of Unit - Sale of on down payment of Rs. 8 lacs - Balance amount of Rs.32 lacs was to be paid on installments - However, after taking D possession of the Unit, respondent did not take steps to complete the documentation as required in the sale letter - Notice issued uls.29 to respondent and assets of the Unit
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