- (1.) R. K. Mahajan, J. This is a writ petition filed by the the petitioners praying for the following reliefs : (i) to issue a writ, order or direction in the nature of certiorari quashing the notice dated 17-10-1995 under Section 29 of the U. P. Financial Corporations Act, 1951 (Annexure No. 24 to the writ petition) ; (ii) to issue a writ, order or direction in the nature of certiorari quashing the auction notice dated 19-10- 1995 as published in the Amar Ujala (Annexure No 25 to the writ petition) ; (iii) to issue a writ, order or direction in the nature of mandamus directing the respondents to implement the one time settlement dated 25-5-1995.
(2.) THE petitioners are doing the business of cold storage in the name and style of Hundi Lal Jain Cold Storage and Ice Factory (P) Limited in District Mainpuri. It took loan from the U. P. Financial Corporation and the statement of the loan is mentioned in the chart filed by the counsel for the petitioners. The short question for consideration is that according to the peti tioners there is one time settlement after issuing the recovery certificate of loan, which is Annexure No. RA-3 to the rejoinder affidavit and the peti tioner has complied with the terms of settlement but the respondents resiled. The authenticity of the one time settlement has been questioned by the respondent in second supplementary counter-affidavit on the ground that competent authority did not accept the recommendation for one time settlement of the negotiating committee.
(3.) SHRI Sudhir Agarwal, learned counsel for the petitioners had submitted that the Corporation is bound by the one time settlement as approval was given by the competent authority. Before proceeding further it is relevant to mention the relevant paragraph of Annexure No. RA-3 to the rejoinder affidavit which reflects that one time settlement has been also effected regarding Hundi Lal Jain Cold Storage and Ice Factory (P) Ltd. alongwith other defaulters after having approval from the competent authority. It may be mentioned here that detailed terms of settlement figure to the document attached Annexure No. RA-3.;