Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 2005 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (3) TMI 474 - SUPREME COURTWhether Karnataka State Industrial Investment and Development Corporation (‘KSIIDC’) acted in a bona fide manner in sale of the properties of the borrower exercising its right under section 29 of State Financial Corporation Act, 1951? Held that:- Appeal allowed. The impugned judgment directing KSIIDC to redo the entire sale process cannot be sustained. Therefore, the impugned judgment is set aside and it is to be held that on failure of the borrower to comply with the directions of the Single Judge, the action of KSIIDC to sell the unit in favour of Vinpack was valid and legal.
|