State Financial Corporation Act, 1951

The Karnataka State Financial Corporation (KSFC) recovered a debt from Hoysala Thermo Farmers Pvt. Ltd. and, after default, auctioned agricultural land (Sy. No.67) belonging to the managing director, G.M. Krishna. The appellant, R. Raghu, purchased the land at the auction and later obtained a sale certificate as truste…

The appellants, guarantors of a term loan granted by the Haryana State Industrial and Infrastructure Development Corporation (HSIDC) to Khemka Ispat Ltd, faced recovery notices under the Haryana Public Moneys (Recovery of Dues) Act, 1979 and the State Financial Corporation Act, 1951 after the loan defaulted. They conte…

The Odisha State Financial Corporation (OSFC) financed a bleaching powder unit that defaulted, leading to its possession of the unit and subsequent litigation. Respondent Vigyan Chemical Industries sued the defaulting borrower and later impleaded OSFC, claiming repayment with interest calculated under the repealed Inte…