- (1.) C.W.P. No. 7152 of 1989 This petition filed under Article 226 of the Constitution prays for quashing order dated 13.3.1987 (P-8) initiating proceedings against the petitioner-Company under Section 29 of the State Financial Corporation Act, 1951 (for brevity, 'the Act'). It also prays for quashing all the subsequent proceedings taken in pursuance to that order. It has further been prayed that the order of transfer dated 27.3.1989 and sale deed (P-9) in respect of the property of the petitioner-Company be also quashed.
(2.) The case of the petitioner-Company is as under:
(3.) That on 30.3.1976 the petitioner-Company, applied for a loan of Rs. 30 lacs to respondent No. 1 - Punjab Financial Corporation (hereinafter to be referred as 'the Corporation')the Corporation. However, an amount of Rs. 14.33 lacs was the loan availed by the petitioner-Company between 15.3.1977 to 24.10.1978. The details of the loan amount disbursed by the Corporation to the petitioner-Company is as under:- (1) Vide Draft No. PKR/790355 dated 15.3.1977 Rs. 3,10,000/- (2) Vide Draft No. 754683/7/77, dated 22.8.1977 Rs. 2,32,000/- (3) Vide Draft No. PKR/79570/9/77, dated 7.10.1977 Rs. 50,900/- (4) Vide Draft No. PKR/795962, dated 22.10.1977 Rs. 1,79,000/- (5) Vide Draft No. PKR/797097, dated 21.11.1977 Rs. 1,16,600/- 2 C.W.P. No. 7152 of 1989 (6) Vide Draft No. PKR/798875/1/78, dated 7.1.1978 Rs. 2,46,100/- (7) Vide Draft No. PKR/799846-2/78, dated 15.7.1978 Rs. 1,53,000/- (8) Vide Draft No. PKR/801780-5/78, dated 22.5.1978 Rs. 51,300/- (9) Vide Draft No. PKR/806076, dated 24.10.1978 Rs. 94,100/- ;