Supreme Court of India
Everest Industrial Corporation & Others v. Gujarat State Financial Corporation
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
1 Supreme Court bench has cited this judgment.
What the Court ordered
We hold that the decision of the Karnataka High H ---:;-·- -· ' 614 SUPREME COURT REPORTS [ 1987] 3 S.C.R. A Court, referred to above, which has applied section 34 of the Code to a proceeding instituted under section 31(1) of the Act is not correctly decided.
Judgment, page 7
From the headnote
State Financial Corporations Act, 1951: ss. 31 & 32-NatUre of proceedings under-Loan-Rate of interest chargeable on principal amount-Whether governed bys. 34 .P. . or payable at contractual rate. Civil Procedure Code, 1908: s. 34, 0. 34, rr. 6 & 11-Applica- c bility of to orders passed under s. 32, State Financial Corporations Act, 1951. The appellants had borrowed from the respondent Corporation a certain sum for the acquisition of fixed assets under a deed of hypothe- cation. They also created an equitable mortgage, mortgaging the land and factory building by depositing the original title
Where later benches applied it
Of those, 1 referred to
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