GIRISH CHANDRA GUPTA, J. - (1.) A notice dated 6th July, 2005 is the subject- matter of challenge in this writ petition. The facts and circumstances of the case briefly stated are as follows :-
(2.) The respondent No. 1 the West Bengal Financial Corporation (WBFC for short) and the respondent No. 4 the West Bengal Industrial Development Corporation Ltd. (WBIDC for short) are both the mortgagees in respect of the immovable properties belonging to S. P. Cycles Limited situate at Narendrapur in the district of 24-Parganas (South). The respondent No. 4/WBIDC advertised a sale notice intending to sell the fixed assets of the aforesaid S. P. Cycles Ltd. on terms and conditions available with the Follow Up and Recovery Division. Intending purchasers were to submit their tender to be opened on 10th November, 1997. The writ petitioner's offer to purchase the assets at a sum of Rs. 69 lakhs was accepted by WBIDC by its letter dated 9th February, 2000. The sum of Rs. 69 lakhs included down payment of a sum of Rs. 17.25 lakh, payable within a period of 45 days and the balance sum of Rs. 51.75 lacs was payable in 12 quarterly installments commencing from 30th June, 2000. There was a default clause which provided as follows :- "In case of consecutive default in payment of any of the above installments, this offer of sale shall stand withdrawn."
(3.) According to the petitioner after the down payment was made the WBIDC for the first time disclosed that portions of the property belonging to S. P. Cycles Ltd. was in possession of Sen and Pandit Electronics Private Limited pursuant to a permission granted by WBIDC. The case of the petitioner in paragraph 12 of the petition is that "The WBIDC wrongfully and with ulterior motives suppressed the said agreements dated 2nd May, 1989 and the creation of leave and licence by the S. P. Cycles Limited in favour of Sen & Pandit Electronics P. Ltd." On 5th May, 2000 a joint meeting was held which was attended by the representatives of S. P. Cycles Ltd., Sen & Pandit Electronics P. Ltd., WBIDC and the petitioner No. 1. In the meeting the fact that the property had been agreed to be sold to the petitioner was discussed and/or disclosed by the WBIDC. The petitioner thereafter, as would appear from paragraph 15 of the petition, made repeated demands for possession of the property which was ultimately given to the petitioner on 10th July, 2000 on 'AS IS WHERE IS BASIS'. A certificate of possession duly signed by both the parties is annexure 'P-7' to the writ petition.;