- (1.) THE petitioner is a promoter of M/s. Alpha Plastic industries, an industry which had taken a term loan from the respondent-Corporation. However, the industry defaulted in making repayment of the loan amount to the respondent-Corporation and the same was therefore, taken over by the Respondent-Corporation under Section 29 of the State Financial Corporations Act, 1951.
(2.) RESPONDENT-CORPORATION had thereafter come up with a scheme for restoration of units to the promoters whose units had been taken over by the respondent-Corporation. The petitioner under this scheme opted to settle his case and the same was approved by the Settlement Committee of the Respondent-Corporation in its meeting held on 4. 4. 2006 at an agreed amount of rs. 17. 59 lacs. Rs. 4. 41 lacs, being 25 percent of the settlement amount, was paid immediately by the Petitioner and 75 percent of the balance amount was to be paid by 30. 6. 2006. However, the petitioner was unable to pay this amount within the stipulated time and hence, had asked for an extension for the payment of the Settlement amount.
(3.) THE petitioner was granted time till 25. 3. 2007 to pay the entire outstanding settlement amount. The petitioner arranged the entire balance amount and deposited the outstanding balance amount of Rs. 4. 22 lacs with the respondent-Corporation on 26. 3. 2007. In addition, Rs. 7700/- were also given in cash by the petitioner being 'processing charges', which were demanded by the officials of the respondent-Corporation.;