Supreme Court · 2009 INSC 1265 · Decided 1 December 2009
Punjab Financial Corporation v. M/S. Surya Auto Industries
- Court
- Supreme Court of India
- Citation
- 2009 INSC 1265 · [2009] 15 S.C.R. 1187
- Case number
- CIVIL APPEAL No. 7910/2009
- Decided
- 1 December 2009
- Bench
- G.S. SINGHVI, A.K. GANGULY (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
State Financial Corporations Act, 1951 - s. 29 - Rights of Financial Corporation in case of default - Default in payment of loan and interest - Notice by Financial c Corporation for possession of Unit of borrower - Subsequently, non-payment of outstanding dues and failure to by Corporation - Financial Corporation taking over collateral security and compounding ~ of penal interest - High Court quashing the same and D directing review of all pending cases in which penal interest \ -;. compounded - Sustainability of - Held: Not sustainable -I Financial Corporation being
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