Industrial Finance Corporation Act, 1948

U.P. Financial Corporation initiated recovery proceedings against Unique Butyle Tube Industries Pvt. Ltd. under the Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972 for default on a loan. The appellant contended that, after the enactment of the Recovery of Debts due to Bank and Financial Institutions Act, 1993,…

Bharat Steel Tubes Ltd. challenged a Delhi High Court order that held IFCI Ltd. to be a "public financial institution" under Section 4A of the Companies Act, 1956 and therefore entitled to enforce a security interest under the SARFAESI Act, 2002. The petitioner argued that the Central Government no longer held 51% of I…

The Andhra Pradesh amendment of Section 73 of the Indian Stamp Act gave the Collector power to inspect, seize and impound any registers, books or documents, including those in banks, without any procedural safeguards. The High Court struck down this provision as unconstitutional, and the State appealed. The Supreme Cou…