The Tamil Nadu Industrial Investment Corporation Limited (TIIC) filed a petition against M/s.Pulsar Electronics Ltd and its guarantors to recover a loan amount. Pulsar Electronics had availed a term loan of Rs.60 lakhs from TIIC in 1987 for setting up a factory. Respondents 2 to 8 acted as guarantors, executing deeds of guarantee. Due to default in repayment, TIIC took possession of the mortgaged property in 1994. A winding-up petition was filed against Pulsar Electronics in the High Court, and an Official Liquidator was appointed. TIIC participated in the liquidation proceedings and received Rs.55 lakhs. Claiming a balance amount of Rs.12,18,39,232.60/-, TIIC filed the present petition under Sections 31(a), 31(aa), and 32 of the State Financial Corporations Act, 1951.
In 1987, M/s.Pulsar Electronics Ltd. obtained a Rs.60 lakh term loan from Tamil Nadu Industrial Investment Corporation Limited (TIIC) to establish a factory for manufacturing electronic bush buttons for telephones. The loan was secured by hypothecation of machinery and personal guarantees from respondents 2 to 8. Due to repayment defaults, TIIC took possession of the mortgaged land and building in 1994. A winding-up petition was filed against M/s.Pulsar Electronics Ltd. in the High Court, leading to the appointment of an Official Liquidator. TIIC participated in the liquidation proceedings and received Rs.55 lakhs. TIIC then filed a petition seeking to recover the remaining balance of Rs.12,18,39,232.60/- from the respondents. Respondents 6 and 7 argued that their
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The Tamil Nadu Industrial Investment Corporation Limited (TIIC) filed a petition against M/s.Pulsar Electronics Ltd and its guarantors to recover a loan amount. Pulsar Electronics had availed a term loan of Rs.60 lakhs from TIIC in 1987 for setting up a factory. Respondents 2 to 8 acted as guarantors, executing deeds of guarantee. Due to default in repayment, TIIC took possession of the mortgaged property in 1994. A winding-up petition was filed against Pulsar Electronics in the High Court, and an Official Liquidator was appointed. TIIC participated in the liquidation proceedings and received Rs.55 lakhs. Claiming a balance amount of Rs.12,18,39,232.60/-, TIIC filed the present petition under Sections 31(a), 31(aa), and 32 of the State Financial Corporations Act, 1951.
In 1987, M/s.Pulsar Electronics Ltd. obtained a Rs.60 lakh term loan from Tamil Nadu Industrial Investment Corporation Limited (TIIC) to establish a factory for manufacturing electronic bush buttons for telephones. The loan was secured by hypothecation of machinery and personal guarantees from respondents 2 to 8. Due to repayment defaults, TIIC took possession of the mortgaged land and building in 1994. A winding-up petition was filed against M/s.Pulsar Electronics Ltd. in the High Court, leading to the appointment of an Official Liquidator. TIIC participated in the liquidation proceedings and received Rs.55 lakhs. TIIC then filed a petition seeking to recover the remaining balance of Rs.12,18,39,232.60/- from the respondents. Respondents 6 and 7 argued that their
…TIIC sanctioned a term…
M/s.Pulsar Electronics…
Sign in to view related legal provisions.