PALOK BASU, J. - (1.) The petitioner Hada Leasing and Industries Limited have filed this writ petition initially with the prayer that a mandamus should issue commanding the respondents not to sell the petitioner's unit under S.29 of the State Financial Corporation Act (for short, the Act). This prayer was amended so as to include the prayer for quashing the sale of the unit which was made on 20-2-1992 and confirmed on 26-2-1992 in favour of M/ s. Paam Eatables Limited, Bhargava Lane, New Delhi which has also been now impleaded as opposite party No. 3.
(2.) In this writ petition after arguments were over an order was being dictated when the case was taken up on the last occasion. Sri Murlidhar prayed for taking up the matter on the next day to which Sri R. P. Goyal said that the request be accepted. The case was consequently adjourned and two typed pages and three lines on the third page are available on record which has been scored out today. On 9-10-1995 an adjournment was sought whereafter some more arguments were made on 17-10-1995 but Shri Murlidhar was permitted to file the supplementary affidavit indicating the actual figure concerning the loan and payments. This was done on the next date whereafter again adjournment was sought and granted. On the last date, i.e., 30-10-1995 it transpired that there was, no affidavit on behalf of the petitioner which may indicate that he was prepared to take the property on some terms and conditions, as was the argument of Sri Goyal. Consequently, SriGoyal was granted adjournment yesterday. He has filed today an affidavit of Sri Ashok Gupta, son of late Sri P. C. Gupta, describing himself to be the Manager of the petitioner company. Relevant averments in this second supplementary counter affidavit shall be made at the appropriate stage in this judgment today.
(3.) When this writ petition was filed an interim order to the following effect was passed: - "The respondents in case they have not already finalised the sale of the property in dispute, will not finalise the same till 17-4-1992. It is, however, being made clear that our order will not restrain the respondents from processing the offer which may have been given to them. The stay order will be effective till 17/04/1992. The case will be listed before us."Aforesaid order was passed by a Bench of which Hon. Mr. V. K. Khanna as his Lordship then was) was a member. Since Hon. Mr. V. K. Khanna, J. has been elevated as the Chief Justice of Assam High Court, the matter stood automatically released and has come up before us as the regular Bench dealing with the recovery matters. Sri R. P. Goyal, Advocate, has appeared on behalf of the petitioner and has been heard at length. Sri J. P. Pandey, Advocate, has appeared on behalf of newly added respondent, i.e., the purchaser and Sri Murlidhar, Senior Advocate, has also been heard at sufficient length on behalf of the Pradeshiya Industrial and Investment Corporation Ltd. (PICUP).;