https://www.taxtmi.com/caselaws?id=102047 Proceedings under section 30 of the Industrial Finance Corporation Act, 1948 were treated as a special self-contained statutory remedy with overriding effect, so general civil procedure and equitable objections could not defeat recovery once default and statutory notice were established. The application was found validly signed and filed by an authorised officer on the basis of board authorisation. The Usurious Loans Act was held inapplicable, and the contractual interest was upheld. Defaults in repayment and breaches of loan covenants were proved, the statutory conditions for action were satisfied, and the secured assets were made available for recovery of the petitioner's dues from the borrower. en-us Tue, 23 May 1989 00:00:00 +0530 Mon, 13 Feb 2012 15:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102047 Proceedings under section 30 of the Industrial Finance Corporation Act, 1948 were treated as a special self-contained statutory remedy with overriding effect, so general civil procedure and equitable objections could not defeat recovery once default and statutory notice were established. The application was found validly signed and filed by an authorised officer on the basis of board authorisation. The Usurious Loans Act was held inapplicable, and the contractual interest was upheld. Defaults in repayment and breaches of loan covenants were proved, the statutory conditions for action were satisfied, and the secured assets were made available for recovery of the petitioner's dues from the borrower. Case-Laws Companies Law Tue, 23 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102047