PLATO INDUSTRIES LTD Vs. STATE OF H P

JUDGEMENT

(1.) These two writ petitions are being disposed of by one judgment since similar questions of law and fact are involved in the same.

(2.) Briefly stated the facts of the case are that there was a company working under the name and style of M/s. Chanana Steel Tubes Private Limited at Parwanoo. This company had its factory on lease hold land provided by the H.P Housing Board. M/s. Chanana Steel Tubes had taken loans from the HPFC and HPSIDC. Since these loans were not repaid within time and M/s. Chanana Steel Tubes defaulted in the re-payment of its loan(s), the unit was taken over in terms of Section 29 of the State Financial Corporations Act. Thereafter, the unit of M/s. Chanana Steel Tubes was put to sale. An advertisement was issued by the H.P. State Industrial Development Corporation in this regard, relevant portion of which reads as follows:

(3.) Subsequently, further negotiations were carried out between the Petitioner-company and the HPSIDC and the Petitioner enhanced its offer to Rs. 65.00 lacs without the liability of the H.P. Housing Board and this offer was accepted by the HPSIDC vide its letter dated 15.9.2001. Relevant portion of the letter with which we are concerned reads as follows: