Rajesh Bindal, J. - (1.) The petitioner has approached this court by filing the present petition seeking quashing of the notice/advertisement annexure P7 vide which the Punjab Financial Corporation (for short "the Corporation") has invited sealed offers for sale of the unit of the petitioner for recovery of the unpaid loan amount by the petitioner.
(2.) As pleaded in the petition, the petitioner set up its unit after availing loan of Rs. 72.83 lakhs from the Corporation from 1991 to 1994. As per the petitioner, it repaid a sum of Rs. 92,83,645 upto the year 2001. Due to huge losses suffered by the petitioner, electricity connection of the petitioner was disconnected by the Punjab State Electricity Board in the year 1999 regarding which litigation is pending. The petitioner also defaulted for payment of central excise duty for more than a crore of rupees. The petitioner even tried to get the unit revived by approaching the Board for Industrial and Financial Reconstruction (for short the BIFR ) but the application filed by the petitioner was rejected vide order dated May 4, 2006. The challenge to the notice for sale of the unit is on the ground that the valuation of the unit is about Rs. 5 crores whereas the respondents have shown reserve price as Rs. 119.52 lakhs and further that though unit is situated in district Fatehgarh Sahib but the public notice mentions district Patiala. The amount due against the petitioner has not been finally settled as against the amount claimed by the respondents to the tune of Rs. 99.88 lakhs, the petitioner admits that sum of Rs. 47 lakhs only is due.
(3.) We have heard learned Counsel for the petitioner and with his assistance have gone through the documents on record.;