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1 - 6 of 6 (0.19 seconds)The State Financial Corporations Act, 1951
Karnataka State Financial Corporation vs N. Narasimahaiah & Ors on 13 March, 2008
6. Faced with the aforesaid, the counsel for the petitioners has argued
that even Section 32G of the Act cannot be invoked against the
surety/guarantor on the same parity of reasoning as in Karnataka State
Financial Corporation (supra).
Delhi Fin. Corpn. And Anr. vs Rajiv Anand And Ors. on 24 March, 2004
Reliance was placed on Delhi Financial Corporation v. Rajiv
Anand (2004) 11 SCC 625 holding that if the intention was to limit the
procedure under Section 32G only to the principal debtor, then legislature
would necessarily have had used the words "amount due from the principal
debtor" or "amount due from the industrial concern". It is also not disputed
that the petitioners had stood guarantors for the amounts so due. The
petitioners in the Guarantee Bond executed by them had agreed that they
will be liable to pay the said amount upon default by the principal borrower
and further agreed that the Guarantee shall be enforceable against them
notwithstanding that the securities specified in the loan agreement are
outstanding and had yet further agreed to realization from them as if they
were the principal borrowers.
Industrial Investment Bank Of India Ltd vs Bishwanath Jhunjhunwala on 18 August, 2009
8. The counsel for the respondent no.1 DFC has also referred to
Industrial Investment Bank of India Ltd. v. Biswanath Jhunjhunwala
(2009) 9 SCC 478 and to Pawan Kumar Jain v. The Pradeshiya
Industrial & Investment Corporation of UP Ltd. 2004(6) SCALE 560
W.P.(C) No.3283/2010 Page 6 of 7
laying down that the liability of guarantor and principal debtor are co-
extensive and not in the alternative.
Pawan Kumar Jain vs Pradeshiya Industrial And Investment ... on 1 September, 1997
8. The counsel for the respondent no.1 DFC has also referred to
Industrial Investment Bank of India Ltd. v. Biswanath Jhunjhunwala
(2009) 9 SCC 478 and to Pawan Kumar Jain v. The Pradeshiya
Industrial & Investment Corporation of UP Ltd. 2004(6) SCALE 560
W.P.(C) No.3283/2010 Page 6 of 7
laying down that the liability of guarantor and principal debtor are co-
extensive and not in the alternative.
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