https://www.taxtmi.com/caselaws?id=168736 The Supreme Court held that the corporation cannot proceed against the properties of guarantors under Section 29 of the State Financial Corporations Act, 1951. The court emphasized that the powers under Sections 29 and 31 are distinct, with Section 31 providing for enforcement against both the industrial concern and the surety. The court dismissed the appeals, upholding the Karnataka High Court's judgment and awarded counsel's fees at Rs. 50,000/- in each case. en-us Thu, 13 Mar 2008 00:00:00 +0530 Wed, 04 Nov 2015 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168736 The Supreme Court held that the corporation cannot proceed against the properties of guarantors under Section 29 of the State Financial Corporations Act, 1951. The court emphasized that the powers under Sections 29 and 31 are distinct, with Section 31 providing for enforcement against both the industrial concern and the surety. The court dismissed the appeals, upholding the Karnataka High Court's judgment and awarded counsel's fees at Rs. 50,000/- in each case. Case-Laws Indian Laws Thu, 13 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168736