https://www.taxtmi.com/caselaws?id=105305 Section 29 of the State Financial Corporations Act permits a Financial Corporation to take over possession where the borrower defaults under the agreement, including revised repayment terms. The Court held that the Corporation acted within that power because the petitioner repeatedly failed to pay instalments and interest despite notice and opportunity. It also held that the takeover was neither discriminatory nor arbitrary under Article 14, since the petitioner was not similarly situated to other promoters who had paid consideration. The plea of estoppel failed because no contractual obligation required prior transfer of the land or letter of intent before enforcement of recovery. en-us Wed, 01 Oct 1997 00:00:00 +0530 Mon, 05 Mar 2012 11:48:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105305 Section 29 of the State Financial Corporations Act permits a Financial Corporation to take over possession where the borrower defaults under the agreement, including revised repayment terms. The Court held that the Corporation acted within that power because the petitioner repeatedly failed to pay instalments and interest despite notice and opportunity. It also held that the takeover was neither discriminatory nor arbitrary under Article 14, since the petitioner was not similarly situated to other promoters who had paid consideration. The plea of estoppel failed because no contractual obligation required prior transfer of the land or letter of intent before enforcement of recovery. Case-Laws Companies Law Wed, 01 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105305