https://www.taxtmi.com/caselaws?id=109779 Section 29 of the State Financial Corporations Act was construed as authorising the Financial Corporation to take possession of mortgaged property securing the loan, not merely the borrower's assets. The Court distinguished this broader remedy from the procedure under section 31 and held that, where a guarantor's property has been mortgaged to secure the debt, the Corporation may proceed against that property in the absence of any statutory or contractual restriction. It also held that the Corporation may choose which mortgaged property to proceed against first. The writ petition challenging the proposed action therefore failed. en-us Fri, 14 Feb 2003 00:00:00 +0530 Wed, 11 Apr 2012 17:59:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109779 Section 29 of the State Financial Corporations Act was construed as authorising the Financial Corporation to take possession of mortgaged property securing the loan, not merely the borrower's assets. The Court distinguished this broader remedy from the procedure under section 31 and held that, where a guarantor's property has been mortgaged to secure the debt, the Corporation may proceed against that property in the absence of any statutory or contractual restriction. It also held that the Corporation may choose which mortgaged property to proceed against first. The writ petition challenging the proposed action therefore failed. Case-Laws Companies Law Fri, 14 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109779