D.S.SINHA, J. - (1.) Heard Sri Faujdar Rai, learned counsel appearing on behalf of petitioner and Sri A.K. Gaur, learned counsel representing the respondents No. 1 and 2.
(2.) Learned counsel appearing for the parties jointly pray and agree that instant petition may be disposed of at the admission stage itself notwithstanding the fact that it has not been admitted formally. In view of the above request and the fact that requisite affidavits between the parties have been exchanged and the case is ripe for hearing, Court proceeds to dispose of the petition finally.
(3.) From the pleading contained in the petition it appears that an industrial concern identified by No. E-24, situate at Sikandarabad Industrial Area, Sikandarabad was taken over by the U.P. Financial Corporation (hereinafter referred to as the Corporation) in exercise of its powers under Section 29 of the State Financial Corporations Act, 1951 and was transferred to one Sri Vipin Kumar Jain on certain terms and conditions for a consideration of Rs. 82,500.00. Sri Vipin Kumar Jain was unable to run the Unit due to financial crisis, therefore, he wanted to transfer the above Unit to Sri Arun Kumar Jain, the petitioner before this Court and a relation of Sri Vipin Kumar Jain with this view Sri Vipin Kumar Jain wrote a letter dt. 16/03/1989 to the Corporation requesting the transfer of Unit in favour of Sri Arun Kumar Jain, the petitioner. In this letter Sri Vipin Kumar Jain assured that his nominee, the petitioner would deposit all the dues to the Corporation and agrees to other terms and conditions attached to the transfer deed. The two communications dated 31 March, 89 and 29 December, 90 appended to the petition as Annexures IV and IX, go to show that the Corporation approved the proposal of Sri Vipin Kumar Jain for transfer of concerned Unit in favour of his nominee i.e. the petitioner on mutual basis subject to condition that the petitioner would deposit 50% of the total outstanding before transfer of the Unit in his favour and subject also to the other conditions stipulated in the aforesaid two communications.;