- (1.) Vide order dated 23-12-97, Additional Civil Judge, Senior Division, Hissar allowed the application of M/s. Kabis Shines Pvt. Ltd., a company registered under the Indian Companies Act restraining the Haryana Financial Corporation from taking possession of its factory unit. Not satisfied with this order dated 23-12-97 of Additional Civil Judge (Senior Division), Hissar, Haryana Financial Corporation went in appeal. Vide order dated 27-2-99, learned District Judge, Hissar dismissed the appeal. Still not satisfied, Haryana Financial Corporation has come up in revision to this Court.
(2.) By means of this order, Civil Revisions No. 3202, 3213, 3214, 3215 and 3216 of 1999 would be disposed of as the same question of law and fact is involved in all these revisions. Facts :
(3.) M/s. Kabis Shines Pvt. Ltd., a Company registered under the Indian Companies Act, 1956, availed loan of Rs. 85.37 lacs on 14-12-93 which was to be repaid in 29 instalments. Payment of Rs. 39.40 lacs was paid to Haryana Financial Corporation upto 16-12-97. Payment of Rs. 6 lacs was made on 12-12-97. On the request of the plaintiff, defaulted amount was allowed to be paid as per rescheduling vide letter dated 26-7-96. Still, the plaintiff failed to pay the defaulted amount. Out of the total amount of Rs. 132.93 lacs, only payment of Rs. 39.40 lacs was made upto 16-12-97. Payment of Rs. 6 lacs was made on 12-12-97. Remaining amount was due with further interest from 1-12-97. When the plaintiff failed to make the payment, order was passed by the Haryana Financial Corporation under Section 29 of the State Financial Corporations Act, 1951 (in short the Act) that possession of its industrial unit be taken and it be put to sale. Plaintiff filed suit for permanent injunction restraining the Haryana Financial Corporation from taking possession of its industrial unit on the basis of its decision taken on 28-11-97. It was alleged in the plaint that the said decision is illegal, without jurisdiction, mala fide, based on political considerations, contrary to law, void ab initio and non est. It was further alleged that the plaintiff is ready and willing to make payment of the remaining amount in easy instalment. Balance of convenience is thus in its favour. There is also a prima facie case in its favour. Along with the plaint, the plaintiff made an application for the grant of temporary injunction restraining the defendant-Haryana Financial Corporation from taking possession of its industrial unit alleging that it is ready and willing to make payment of the remaining amount in easy instalment. It would suffer irreparable injury if temporary injunction is not granted to it because it has already employed more than 100 workers. They will lose their job. There is recession in the industrial sector.;