https://www.taxtmi.com/caselaws?id=275854 Sections 25, 29, 31 and 32 of the State Financial Corporations Act, 1951 were construed together to hold that the special summary remedy under Section 31 is confined to enforcement against the industrial concern and its property. Because Section 32 contemplates notice, interim orders and final relief only in relation to the borrower concern, and contains no provision extending that procedure to a third-party surety, a surety who mortgaged property for the loan could not be proceeded against before the District Judge under Section 31. The Corporation's recourse against such mortgaged property lay through ordinary civil remedies under the Transfer of Property Act and the Civil Procedure Code. en-us Wed, 07 May 1975 00:00:00 +0530 Tue, 18 Apr 2023 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275854 Sections 25, 29, 31 and 32 of the State Financial Corporations Act, 1951 were construed together to hold that the special summary remedy under Section 31 is confined to enforcement against the industrial concern and its property. Because Section 32 contemplates notice, interim orders and final relief only in relation to the borrower concern, and contains no provision extending that procedure to a third-party surety, a surety who mortgaged property for the loan could not be proceeded against before the District Judge under Section 31. The Corporation's recourse against such mortgaged property lay through ordinary civil remedies under the Transfer of Property Act and the Civil Procedure Code. Case-Laws Companies Law Wed, 07 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275854