Supreme Court · 1995 INSC 373 · Decided 12 May 1995
The Chairman and Managing Director, Sipcot, A Madras - 8 and ORS. v. Contromix PVT. LTD. BY Its Director (Finance) Seetharaman, Madras and Anr
- Court
- Supreme Court of India
- Citation
- 1995 INSC 373 · [1995] SUPP. 1 S.C.R. 415
- Case number
- CIVIL APPEAL No. 5564/1995
- Decided
- 12 May 1995
- Bench
- S.C. AGRAWAL, S. SAGHIR AHMAD (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
State Financial Corporations Act, 1950 : Section 29-Loan sanctioned by State Financial Corporation-Default in repayment despite repeated rescheduling-Foreclosure of loan-Mortgaged prope1ties taken possession of by C01poration-Sale thereof-Procedure fol­ lowed-Validity Respondent No. 1 applied for a term loa'n for setting up a project D for manufacture of certain electronic items and Appellant-Corporation (SIPCOT) sanctioned a term loan of Rs. 38 lakhs. Subsequently IDBI soft loan of Rs. 6.8 lakhs was also sanctioned. Respondent No. 1 executed a registered
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