State Financial Corporations Act, 1951 — Section 29 — Liability of Financial Corporation taking possession of industrial unit for dues — Corporation acts as a trustee, liable only to the extent of funds in its hands after settling its dues, not personally liable. Civil Procedure Code, 1908 — Section 80 — Notice to Government or public officer — Mandatory requirement before instituting suit — Failure to issue notice or obtain leave renders suit not maintainable and decree a nullity, even if impleaded later.
2025 INSC 928 SUPREME COURT OF INDIA DIVISION BENCH ODISHA STATE FINANCIAL CORPORATION Vs. VIGYAN CHEMICAL INDUSTRIES AND OTHERS ( Before : J. B. Pardiwala and R. Mahadevan, JJ. )…