https://www.taxtmi.com/caselaws?id=102227 Proceedings under sections 31 and 32 of the State Financial Corporations Act were treated as maintainable where notice was served on the managing director and section 30 was read as an enabling provision, not an inflexible precondition. Technical defects in verification, prior board authorisation and non-joinder of other institutions did not defeat the petition; the court treated the payment letter as rescheduling rather than a binding moratorium and found default continuing under the mortgage and charge deeds. The court-fee objection failed, and certificates of registration under section 132 of the Companies Act were treated as conclusive evidence of compliance, defeating the challenge that the charges were void against the official liquidator. Enforcement relief was allowed against the secured assets, with the surety remaining liable and the official liquidator's statutory priorities protected. en-us Mon, 21 Oct 1991 00:00:00 +0530 Tue, 14 Feb 2012 11:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102227 Proceedings under sections 31 and 32 of the State Financial Corporations Act were treated as maintainable where notice was served on the managing director and section 30 was read as an enabling provision, not an inflexible precondition. Technical defects in verification, prior board authorisation and non-joinder of other institutions did not defeat the petition; the court treated the payment letter as rescheduling rather than a binding moratorium and found default continuing under the mortgage and charge deeds. The court-fee objection failed, and certificates of registration under section 132 of the Companies Act were treated as conclusive evidence of compliance, defeating the challenge that the charges were void against the official liquidator. Enforcement relief was allowed against the secured assets, with the surety remaining liable and the official liquidator's statutory priorities protected. Case-Laws Companies Law Mon, 21 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102227