Darshan Singh, J. - (1.) - The present appeal has been preferred by the appellant-defendant no.1 against the judgment and decree dated 06.03.2010 passed by the learned Additional District Judge, Yamuna Nagar at Jagadhri, vide which the appeal filed by respondent no.1-Deepak Singhal against the judgment dated 16.04.2008, passed by the learned Additional Civil Judge (Sr. Division), Yamuna Nagar at Jagadhri, has been allowed.
(2.) Respondent no.1-Deepak Singhal along with his partners of M/s Satguru Metals, Tejli Gate, Jagadhri raised the loan from appellant- Haryana Financial Corporation (for short 'HFC') for running the business. The plot measuring approximately 800 sq.yards (1 kanal 6 = Marlas) over which the factory was constructed was mortgaged with the appellant along with other properties. Appellant-HFC had taken over the possession of the land, building, machinery and electric transformer of the factory of respondent no.1 for the recovery of the loan. The auction of the said property was conducted by the appellant allegedly in a secret manner and factory was auctioned at a very throw away price of Rs. 5,20,000/- only. Appellant threatened respondent no.1 to recover the approximate amount of Rs. 45 lac as arrears of land revenue by way of his arrest and detention. It was pleaded that at present he was working as a lecturer in Janta Senior Secondary School, Mustafabad, on ad hoc basis and was getting salary of Rs. 6000/- per month. He prayed that he be declared as insolvent.
(3.) The said petition was contested by the present appellant on the plea that there was no illegality in the auction of the factory. The same was purchased by the buyer as per the market value. Respondent no.1 or any other partner had not objected the last and final bid. They were given sufficient time and opportunity to make the payment of the outstanding loan amount and the prayer was made for dismissal of the petition by raising certain legal and preliminary objections.;