JAWAHAR LAL GUPTA, J. - (1.) The petitioner has approached this Court with the prayer that the notice issued by the respondent-Haryana Financial Corporation for sale of plot measuring 649 square meters be quashed. A few facts as relevant for the decision of this case may be briefly noticed.
(2.) On 22/09/1995 a loan of Rs.7.50 lacs was sanctioned in favour of the petitioner. However, an amount of Rs.6.55 lacs only was released after the execution of a hypothecation deed dated 20/01/1996. The petitioner had also given a collateral security in the form of equitable mortgage of plot measuring 649 square meters. There was default in repayment. On 13/08/1997 the Corporation took over the hypothecated assets viz. computers etc. which had been installed by the petitioner. These have not been sold till today. On 23/10/2000 the Corporation published a notice in the Daily Tribune for the sale of land measuring 649 square meters. Hence this petition.
(3.) Mr. Laler, learned counsel for the petitioner, submits that the Corporation had taken over all the computers which had been installed with the amount of loan and its own funds by the petitioner. The value of the computers etc. had been assessed by the Corporation at Rs. 2.50 lacs. Its failure to sell the equipment for a period of more than four years has resulted in the depreciation of the value of the goods and further increase in the petitioner's liability. Counsel submits that the petitioner should be given credit for the assessed value from the date the equipment had been taken over by the respondent-Corporation. Thereafter, the petitioner's liability should be determined after the grant of an opportunity. In case the petitioner fails to make the payment, the Corporation may proceed to recover the amount in accordance with law.;