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1 - 4 of 4 (0.22 seconds)Section 31 in The State Financial Corporations Act, 1951 [Entire Act]
K. Subba Reddy vs Andhra Pradesh State Financial ... on 16 December, 1986
7. We are in respectful agreement with the view taken in K. Subba Reddy's case, AIR 1987 AP 119 [FB]. Once the respondent corporation has pursued action against the erring industrial concern under Section 31 of the Act, it cannot invoke the remedy available under Section 29 of the Act. The financial corporation has two remedies available against the erring industrial concern. It can invoke the provisions of Section 29 of the Act and seek the remedy provided thereunder or the one under Section 31 of the Act. Both these Sections operate independently of each other and the choice is that the financial corporation could resort to any of the remedial actions provided for in Section 29 or Section 31 of the Act, but having availed of the remedies under Section 31, it cannot invoke the remedies under Section 29 of the Act.
Gulf Fishing & Co. vs Orissa State Financial Corporation And ... on 5 December, 1986
6. A similar view was taken by a Division Bench of the Orissa High Court in Gulf Fishing and Co. v. Orissa State Financial Corporation, AIR 1987 Orissa 119. It was held in that case that when two remedies are available for the same relief, a person to whom the remedies are available has the option to elect either of them and cannot pursue both simultaneously.
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