primary object or
principal business of which is to provide
financial accommodation to its members for
agricultural purposes or for purposes connected
with agricultural activities
reasons
including the vicissitudes of trade and business dealings where
financial accommodation given by the parties to each other is not
an unknown phenomenon. Suffice
Steels Pvt. Ltd. (borrower) had taken
loans/financial accommodation from the Uttar Pradesh Financial
Corporation (UPFC). Because of the consistent default on the part
accounts are mentioned where the respondent had
given loans or other financial accommodation either beyond her powers
or without obtaining proper securities. That would show
found to be false since bogus invoices were made only to accommodate the group companies. As far as addition on account of Gross Profit ... bogus bills claimed as in the earlier year were for giving financial accommodation to its group companies. In the circumstances, no interference is called
given to the Borrower fully
exhausted or exceeded howsoever the said financial accommodation be
varied or changed or renewed from time to time notwithstanding
service held sufficient)
THIS MFA FILED U/S.32(9) OF STATE FINANCIAL
CORPORATION'S ACT, AGAINST THE ORDER DT.9.2.05
PASSED ... Company registered
under the Indian Companies Act, 1956 , for providing
financial accommodation to the industrialists.
4. First respondent - Company approached the
Corporation for financial accommodation
issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred ... response whereto, the latter had sanctioned a financial accommodation of Rs.9,50,000/-. Construing his account to be non-performing asset, notice under Section
relevant facts.
Suffice it to mention that the appellants had availed
financial accommodation from the respondent bank under
the relevant scheme ... proposed
action under the relevant provisions of the Securitisation
and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 , the appellants approached
this
reasons including
the vicissitudes of trade and business dealings where financial
accommodation given by the parties to each other is not an unknown
phenomenon. Suffice
