M.H.S.Ansari, J. - (1.) The instant writ application is filed by the debtor, inter alia, against its creditor respondent-West Bengal Financial Corporation (WBFC). Petitioner has questioned annexure D dated 26.11.1996 being notice issued under section 29(1) read with section 30 of State Financial Corporation Act 1951 (for short 'Act') for recovery of the loan.
(2.) It is not in dispute that a term loan was sanctioned in favour of the petitioner and was disbursed by the respondent Corporation on 19.2.93 and 23.3.93. The same was required to be repaid by the petitioner within a period of six and half years by 12 half yearly instalments @ Rs. 0.64 lac each.
(3.) The dispute in the instant case is mainly with regard to the rate of interest payable.;