Amitava Lala, J. - (1.) Counter affidavit filed on behalf of PICUP is not available on record and a copy of the same has been produced by learned counsel for the petitioner be kept with the record.
(2.) The recovery proceeding has been started at the behest of PICUP (The Pradeshiya Industrial and Investment Corporation of U.P. Ltd.) because according to the petitioner the land which has been shown in this writ petition is their land and it has no connection with either Uma Agrawal or B.B. Agrawal who are claiming to be owners of the land. The PICUP has relied upon only a certificate issued by a Chartered Accountant on 29.5.1997 and granted loan without verifying the title of the plot.
(3.) Sri A.B. Saran, learned Senior Counsel appearing for the petitioner, has contended before this Court that under Section 58 (f) of Transfer of Property Act, 1982, the title deeds are required to be deposited for creation of any mortgage. Section 58(f) is quoted hereunder : "58. (f). Mortgage by deposit of title-deeds.-Where a person in any of the following towns, namely, the towns of Calcutta, Madras, and Bombay and in any other town which the State Government concerned may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title- deeds.";