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Court Rules Bank Can Withhold Loan Due to Tax Default; Alternative Property Security May Lead to Reconsideration.
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....Non-disbursal of loan due to tax default - Since the disbursement of loan was based on the public money, considering the public interest and that of the Bank, withheld the loan granted to the petitioner, if the petitioner is able to provide equal alternate property as security without any encumbrance, the same can be considered, with the present property, the loan cannot be disbursed. - HC....