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Settlement by company amounts to compounding with principal debtor & results in discharge of surety
Case Law Details
- Case Name
- Kundanmal Dabriwala Vs Haryana Financial Corporation (Punjab and Hariyana High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
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HIGH COURT OF PUNJAB AND HARYANA
Kundanmal Dabriwala
v/s.
Haryana Financial Corporation
CIVIL WRIT PETITION NO. 2713 OF 2009 (O & M)
DECEMBER 20, 2011
JUDGMENT
Hemant Gupta, J. – The challenge in the writ petition is to a show-cause notice dated October 7, 2008 (annexure P1) served upon the petitioner to pay a sum of Rs. 83,58,671 under section 32G of the State Financial Corporations Act, 1951 (for short “the SFC Act”). The challenge is on the basis that once the principal debtor has settled its loan account with the Corporation, the petitioner, who is a...
