Supreme Court of India
Bihar State Financial Corporation v. M/s. Chhotanagpur Minerals and Ors.
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.
From the headnote
State Financial Corporations Act, 1951 -- ss.29 and 30 - Power under - Scope of - Held: The power to be exercised c only in respect of the properties which were mortgaged - Selling of the property, not forming part of mortgage, is illegal and without jurisdiction - Financial Corporation liable to pay damages for the loss caused by such action. Respondent No.1 took loan from appellant- Corporation for setting up a factory. Respondent No.1 mortgaged lease hold right over a piece of land of the factory with the Corporation. Factory was set up. Corporation initiated proceedings in terms of ss. 29
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