G.S.Sandhawalia, J. - (1.) The present writ petition filed by the petitioner is for the issuance of writ in the nature of mandamus directing respondents No.2 and 3-Punjab Financial Corporation to implement the One Time Settlement policy dated 2.3.2009 (for short "the OTS"), praying that benefit under the clause where 'property/assets have been acquired and sold by PFC' be granted to him and his OTS be processed as on the outstanding principal + expenses + 10% of interest outstanding as on the last date of sale.
(2.) The case of the parties is that petitioner had taken a loan for a sum of Rs. 44,16,000/- and the said loan was secured by way of registered mortgage deed dated 31.3.1995 whereby prime security in the form of land measuring 3 Bighas 3 Biswas situated in village Shambhu Khurd, Hadbast No.133, Tehsil Rajpura, District Patiala. Apart from this the petitioner had also by way of collateral security mortgaged two plots of land measuring 9 Bighas 7 Biswas situated in village Tepla, Hadbast No.149, Tehsil Rajpura, District Patiala being ⅓rd share of 28 Bighas 1 Biswas and land measuring 11 Bighas 13 Biswas also situated in village Tepla, Hadbast No.149, Tehsil Rajpura, District Patiala. Due to financial indiscipline the unit of the petitioner closed down in the year 1999 and was taken over by the PFC under Section 29 of the State Financial Corporation Act, 1951 (hereinafter referred to as "the Act") and was sold on 23.2.2007 and as per the statement of accounts the benefit of Rs. 38,60,000/- has been given to the petitioner for the sale proceeds of the unit. Thereafter, the OTS scheme dated 2.3.2009 (Annexure P-3) was notified by the Government of Punjab which was circulated to the loanees. In the said notification where 'property/assets have been acquired and sold by PFC', the outstanding principal was to be paid expenses 10% of the interest outstanding as on the last date of the sale. The case of the petitioner is that in pursuance of the said OTS vide application dated 23.4.2009, they had applied for settling the loan but vide communication dated 4.5.2009, the respondent-Corporation had communicated that OTS amount worked out to Rs. 1,07,31,440/- as on 15.3.2009 and was asked them to make 15% of the upfront amount to process their case under the said scheme. The respondent-Corporation, however, instead of processing the case as against the heading of loans where 'property/assets have been acquired and sold by PFC' had processed the case under another heading for 'loan above Rs. 5 lacs' and charged principal expenses 12% interest since beginning compounded half yearly. Aggrieved against this the petitioner had approached this Court by way of Civil Writ Petition No.8053 of 2009 praying that his case be considered under the clause 'property/assets have been acquired and sold by PFC' and this Court vide order dated 26.5.2009 was pleased to direct that the Managing Director of the Financial Corporation would consider the petitioner's stand and settle the loan liability under the OTS policy dated 2.3.2009 and may intimate the petitioner the outstanding dues and if the petitioner applied for settlement of its account, a decision be taken by the Managing Director of the Corporation at the earliest not later than the last cut off date.
(3.) In pursuance of the said direction of this Court, the respondent-Corporation vide communication dated 28.5.2009 informed the petitioner that since the collateral security mortgaged by the petitioner was yet to be sold and was in deemed possession of the Corporation, therefore, his case was being processed under the general loan case under the clause 'loan above Rs. 5 lacs' and accordingly, a sum of Rs. 1,07,31,440/- was due as on 15.3.2009 + expenses by way of settlement out of the otherwise sum of Rs. 4,11,14,219/- due as per mortgage deed. It is in these circumstances the petitioner has approached this Court pleading for the relief that his case may be ordered to be processed under the clause 'property/assets have been acquired and sold by PFC' and not under the general clause 'loan above Rs. 5 lacs'.;