Bombay High Court Allows MSFC Petition Under SFC Act for Recovery of Loan Against Borrower and Guarantors — Personal Guarantors Cannot Escape Liability Despite Company's Sickness. The court held that the liability of personal guarantors under Section 31 of the State Financial Corporation Act, 1951 is independent of the borrower's financial condition.
28 Feb 2005The Maharashtra State Financial Corporation (MSFC) filed a Miscellaneous Petition under Sections 31, 31(1)(aa), and 32 of the State Financial Corporat...




