2003 (7) TMI 566

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....led under section 31(1)(aa) of the State Financial Corporations Act, 1951 for recovery of a sum of Rs. 12,65,561. 2. The petitioner granted term loan of Rs. 3,80,000 on 25-6-1987. Again second term loan of Rs. 1,25,000 was sanctioned on 28-4-1988. The first respondent is a partnership firm, respondents 2 to 6 are the partners of the first respondent firm. The term loans were issued in favour of....

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....tter was posted on the previous hearings, there was no representation for the respondents. Hence, it was adjourned to this day. Even today, there is no representation on behalf of respondents 3 and 4 and therefore, the orders are passed on hearing the learned counsel for the petitioner. 6. Mr. Srinivasan, learned counsel appearing for the petitioner would submit that section 31(1)(aa) of the St....