https://www.taxtmi.com/caselaws?id=304633 Section 29 of the State Financial Corporations Act, 1951 permits enforcement against secured property on default, but it does not displace natural justice or fair play. Before taking over and selling a guarantor's mortgaged property, the Corporation must serve proper prior notice and give a reasonable opportunity to clear the dues from other sources. In the absence of such notice, the taking over of possession and publication of the sale notice were treated as unfair, arbitrary, and ultra vires, and the action was not legally sustainable. en-us Tue, 22 May 2007 00:00:00 +0530 Tue, 11 Oct 2022 18:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304633 Section 29 of the State Financial Corporations Act, 1951 permits enforcement against secured property on default, but it does not displace natural justice or fair play. Before taking over and selling a guarantor's mortgaged property, the Corporation must serve proper prior notice and give a reasonable opportunity to clear the dues from other sources. In the absence of such notice, the taking over of possession and publication of the sale notice were treated as unfair, arbitrary, and ultra vires, and the action was not legally sustainable. Case-Laws Indian Laws Tue, 22 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304633