M/S. ORMI TEXTILES vs STATE OF U.P. .

The Supreme Court interpreted Section 29 of the State Financial Corporations Act, 1951, affirming that the Corporation's right to take possession of mortgaged property is contingent upon proper identification of the mortgaged land. The Court held that the notice issued under Section 29 was valid, as the appellant failed to demarcate the mortgaged land despite requests. Consequently, the High Court's dismissal of the writ petition challenging the notice was upheld, reinforcing the Corporation's authority to proceed with the sale of the unit.