https://www.taxtmi.com/caselaws?id=159387 Section 29 of the State Financial Corporations Act, 1951 allows a Financial Corporation to take over and sell a defaulting unit to recover public funds, and judicial review cannot substitute the Court's commercial assessment unless there is statutory breach or manifest unfairness. Earlier sale guidelines that imposed rigid borrower-participation requirements were overruled as unduly restrictive and as favouring chronic defaulters. At the same time, the borrowers were granted a short final period to clear the dues, failing which the Corporation could dispose of the unit in accordance with law. en-us Mon, 28 Jan 2002 00:00:00 +0530 Wed, 01 Oct 2025 21:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159387 Section 29 of the State Financial Corporations Act, 1951 allows a Financial Corporation to take over and sell a defaulting unit to recover public funds, and judicial review cannot substitute the Court's commercial assessment unless there is statutory breach or manifest unfairness. Earlier sale guidelines that imposed rigid borrower-participation requirements were overruled as unduly restrictive and as favouring chronic defaulters. At the same time, the borrowers were granted a short final period to clear the dues, failing which the Corporation could dispose of the unit in accordance with law. Case-Laws Companies Law Mon, 28 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159387