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BOMBAY HIGH COURT
S.B. Shukre, J
M/s. Kiril Fine Art and Its proprietor Neeraj Sadanand Totawar – Appellant
Versus
Maharashtra State Financial Corporation – Respondent
| Table of Content |
|---|
| 1. overview of the financial obligations and borrower's defaults. (Para 1) |
| 2. arguments regarding jurisdiction under s.31 and inappropriate relief granted. (Para 3 , 4) |
| 3. determination of the district judge's limits of jurisdiction. (Para 5) |
| 4. clarification on potential further claims against the appellants. (Para 6) |
| 5. final ruling on the appeal outcomes. (Para 7) |
1. This appeal, filed under S.32 (9) of the State Financial Corporation Act, 1951 , challenges the judgment and order passed by District Judge, Chandrapur. The District Judge, Chandrapur has allowed application filed by the Maharashtra State Financial Corporation (hereinafter called "Corporation", for the sake of brevity, under S.31 and S.32 of the State Financial Corporation Act against the appellants. It was inter alia contended by the Corporation in this application that the present appellants M/s. Kiril Fine Art and Its proprietor Neeraj Sadanand Totawar had borrowed an amount of Rupees 1,36,000/- and had agreed to repay the said amount within a period of 10 years by 17 half yearly instalments of Rs.8,000/- each. According to the Corporation, the present appellants had agreed to pay interest at the rate
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