https://www.taxtmi.com/caselaws?id=286694 A statutory corporation could not refuse to disburse a sanctioned loan merely on allegations of false or misleading information where the loan sanction itself contemplated non-availability of refinance and alternative terms, and the materials did not show suppression of material facts. Promissory estoppel applied because the corporation induced the borrower to alter its position by obtaining title clearance, creating an equitable mortgage, incurring expenditure, and commencing construction, so it could not arbitrarily resile from its promise. The writ petition was maintainable because the transaction was governed by a statutory framework and public law obligations, not a purely private contract. en-us Mon, 25 Jan 1982 00:00:00 +0530 Wed, 11 Mar 2020 14:40:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286694 A statutory corporation could not refuse to disburse a sanctioned loan merely on allegations of false or misleading information where the loan sanction itself contemplated non-availability of refinance and alternative terms, and the materials did not show suppression of material facts. Promissory estoppel applied because the corporation induced the borrower to alter its position by obtaining title clearance, creating an equitable mortgage, incurring expenditure, and commencing construction, so it could not arbitrarily resile from its promise. The writ petition was maintainable because the transaction was governed by a statutory framework and public law obligations, not a purely private contract. Case-Laws Indian Laws Mon, 25 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286694