Deepak Bhandari vs H.P.State Indusl.Dev.Corp.Ltd.& Ors

The Supreme Court addressed the starting point of limitation for filing recovery suits by State Financial Corporations under the State Financial Corporation Act, 1951. The Court clarified that the limitation period begins from the date of default in repayment, as per Section 29 of the Act, and not from the date of the recall notice. The judgment reconciled conflicting prior rulings, establishing that the Corporation's right to recover dues is enforceable within the stipulated limitation period, thereby upholding the suit filed by the Corporation.