- (1.) HEARD Shri Pramod Bharadwaj, learned counsel for the petitioner and Shri Gautam Baghel for the respondent -Financial Corporation.
(2.) FACTS giving rise to the dispute are as under.
(3.) ONE M/s Anand Lock Company Limited (hereinafter referred to as Company) had obtained a loan from the U.P. State Financial Corporation. The said company committed default in repayment of the loan. A dispute was raised and the matter travelled up to Hon'ble Apex Court in Special Leave to Appeal (Civil) No. 3881 of 2007 (M/s Anand Lock Company Ltd. Vs. U.P. Financial Corporation and Ors.). Vide order dated 12th March, 2010, the Civil Appeal was dismissed and a direction was issued to the Managing Director of the U.P. Financial Corporation to ensure that the entire outstanding amount due from the company and the sisters concerns is recovered within three months from the date of order. In the meantime, it appears that 3rd party rights over the secured assets were created by the company. In pursuance to the judgment and order passed by the Hon'ble Apex Court, notices under Section 29 of the State Finance Corporation Act, 1951 was issued to the petitioner informing her that the flat, which she has purchased and standing over the land in dispute, was encumbered property. Since a large number of flats were constructed and transferred in favour of 3rd persons, like the petitioner, the outstanding liability was proportionately worked out and the petitioner was required to pay the same. By means of a subsequent notice, the petitioner was informed that because of the escalation, the petitioner is now required to deposit further amount, failing which, the coercive action would be taken. It has been urged by the learned counsel for the petitioner that there are various errors in respect of the date of encumbrance of the flats in occupation of the petitioner and also that the property, which has been purchased by the petitioner, was never mortgaged.;