Supreme Court · 1994 INSC 536 · Decided 22 November 1994
U.P. Financial Corporation and ORS. v. M/S Naini Oxygen and Acetylene Gas LTD. and ANR.
- Court
- Supreme Court of India
- Citation
- 1994 INSC 536 · [1994] SUPP. 5 S.C.R. 654
- Case number
- CIVIL APPEAL No. 568/1987
- Decided
- 22 November 1994
- Bench
- KULDIP SINGH, P.B. SAWANT (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution; Companies Act Section 397, 398
Headnote
UP. State Financial Corporation Act, 1951: Section 29-Default in repayment of loan ·instalments-Corporation justified in taking over .the industrial establishment-Jn matters commercial the Courts should not risk their judgments for the judgments of the statutory bodies. The appellant - under the State Financial Corporation Act, 1951. On 10.12.1975 it sanctioned a term loan of Rs. 30 lakhs to the first respondent - Company payable in 17 half-yearly instalments by 22.8.1986. The Memorandum of Agreement executed-between the appellant and respondent provided for recall of
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)