Supreme Court · 1992 INSC 42 · Decided 12 February 1992
Mahesh Chandra v. Regional Manager, U.P. Financial Corporation and ORS.
- Court
- Supreme Court of India
- Citation
- 1992 INSC 42 · [1992] 1 S.C.R. 616
- Case number
- CIVIL APPEAL No. 4503/1990
- Decided
- 12 February 1992
- Bench
- K. RAMASWAMY, R.M. SAHAI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
State Fi11a11cial Corporations Act, 1951: • C Sectio11 29'-Utta; Pradesh State Fi11a11cial Corporation-Loan to in- ;.c .c dustrial concenr-Defa11/t i11 payment of loan-Power of Corporation to take possession and sell the mortgaged property-Guidelines for exercising powers t111der section 29 hypothe- D cated property-Default in payment of loan by debtoi-Corporation's refusal to release hypotheca to debtor for private sale for repayment of debt-Taking possession of property by Corporatio11 a11d sale by invitation of tenders without 11oticc or oppon11nity to debtoi-Corporation's action
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