https://www.taxtmi.com/caselaws?id=108522 The court dismissed the writ petition, affirming that the Financial Corporation has the authority to proceed against the property mortgaged by guarantors under Section 29 of the State Financial Corporations Act, 1951. It was clarified that Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, does not prohibit such actions as it pertains only to civil suits and not all legal proceedings. The ruling discharged the rule without costs and extended a directive regarding the respondent's statement for eight weeks. en-us Mon, 24 Mar 2003 00:00:00 +0530 Mon, 02 Apr 2012 10:27:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108522 The court dismissed the writ petition, affirming that the Financial Corporation has the authority to proceed against the property mortgaged by guarantors under Section 29 of the State Financial Corporations Act, 1951. It was clarified that Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, does not prohibit such actions as it pertains only to civil suits and not all legal proceedings. The ruling discharged the rule without costs and extended a directive regarding the respondent's statement for eight weeks. Case-Laws Companies Law Mon, 24 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108522