Supreme Court of India
Karnataka State Financial Corporation v. N. Narasimahaiah and Ors.
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2 Supreme Court benches have cited this judgment.
From the headnote
State Financial Corporations Act, 1951: s.29 - Jurisdiction of Corporation to proceed against surety/guarantors under s. 29 - Held: Corporation cannot proceed against the surety under s. 29 - Right of Corporation in terms of s. 29 must be exercised only on a defaulting party - There cannot be any default as is envisaged in s.29 by a surety or a guarantor- Liability of surety or guarantor to repay the loan of the principal debtor arises only when a default is made by the latter. s. 29 - Object of - Held: Is to expeditiously realize the dues of the Corporation - s. 29 confers extraordinary
Authorities it was built on
Where later benches applied it
- 2024 Md. Rahim Ali @ Abdur Rahim v. The State of Assam & Ors.
- 2021 Dr. Jaishri Laxmanrao Patil v. The Chief Minister & Ors.
Of those, 2 referred to
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