JUDGMENT - C. MOOKERJEE, C.J.:---Being aggrieved by the judgment and order dated 10th February, 1987 passed by the Hon'ble Mr. Justice Suresh dismissing its Misc Petition No. 29 of 1986 filed under sections 31 and 32 of the State Financial Corporations Act (Act 63 of 1951), the Maharashtra State Financial Corporation has preferred this Appeal.

2. M/s. Jaycee Drugs Pharmaceuticals Pvt. Ltd., Respondent No. 1 had executed an indenture of Mortgage dated 29th June, 1979 in favour of the appellant, the Maharashtra State Financial Corporation, in respect of certain immoveable property, machinery and plant etc., described in the schedule to the said Indenture and also goodwill and uncalled capital of the mortgagor company to secure repayment of the loan of the sum of Rs. 30,00,000/- to the Corporation and interest thereon. On 29th June, 1979, 2nd, 3rd and 4th respondents executed another Indenture in favour of Maharashtra State Financial Corporation, the Appellant, covenanting, agreeing and declaring inter alia that if at any time default shall be made by the 1st respondent herein in making payment of the principle sum or the interest thereron under the aforesaid Deed of Mortgage, as th

Click Here to Read the rest of this document