- (1.) At the behest of Respondent No. 1-Pradeshiya Industrial & Investment Corporation of U.P. (hereinafter referred to as PICUP), the Assistant Collector of Grade-I, Defence Colony, New Delhi on 3.7.2004 issued a notice to the Petitioner stating that the amount outstanding in the name of the Company in lieu of the loan taken and the interest payable on a sum of Rs. 6,33,57,669/- was to be recovered from the Petitioner.
(2.) The Petitioner was the sole guarantor for the said loan advanced by the PICUP. According to the Petitioner, no certificate has been issued by the Government of Uttar Pradesh for realization of the said amount as arrears of land revenue.
(3.) M/s. Jayana Mefa India Limited was a Company, incorporated under the Companies Act, 1956 having its registered office at 865, Chandni Chowk, Delhi-6. The Petitioner was the Director of the said Company. In 1995, the Company approached the PICUP for advancing a loan for furtherance of their business initiatives. A loan of Rs. 500 lacs (five hundred lacs) was sanctioned and the payment module for the same was worked out. The Petitioner executed a bond of guarantee on 31.1.1996.;