9911796707
|
Home
The High Court of Madras issued an order for recovery of Rs. 12,65,561 under section 31(1)(aa) of the State Financial Corporations Act, 1951. The petition involved term loans granted to a partnership firm and its partners, with machineries hypothecated as collateral. Due to default, the loan was foreclosed, and the machineries were sold at auction. Despite notices, some respondents did not appear, leading to the enforcement of the surety's liability as per the Act. The original petition was granted as requested with costs.
|
