https://www.taxtmi.com/caselaws?id=165227 A loan sanction is not conditional merely because refinance may affect interest rate and commitment charge; where the agreement contemplates non-refinance and its consequences, the obligation to advance the loan remains binding. A State financial corporation, acting within statutory powers, may be held to its clear and unequivocal promise where the borrower altered position in reliance on it, because promissory estoppel applies and Article 226 can enforce a non-arbitrary statutory duty by mandamus. The corporation was therefore bound to honour the sanctioned loan and could not withdraw from the undertaking arbitrarily. en-us Tue, 03 May 1983 00:00:00 +0530 Fri, 01 Aug 2014 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165227 A loan sanction is not conditional merely because refinance may affect interest rate and commitment charge; where the agreement contemplates non-refinance and its consequences, the obligation to advance the loan remains binding. A State financial corporation, acting within statutory powers, may be held to its clear and unequivocal promise where the borrower altered position in reliance on it, because promissory estoppel applies and Article 226 can enforce a non-arbitrary statutory duty by mandamus. The corporation was therefore bound to honour the sanctioned loan and could not withdraw from the undertaking arbitrarily. Case-Laws Companies Law Tue, 03 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165227