Satish Kumar Mittal, J. - (1.) IN the present writ petition, the petitioner is claiming for the issuance of a writ in the nature of certiorari quashing the action of the respondents whereby unit of the petitioner situated in village Dhanowali has been resumed and further for a issuance of direction to the respondents to restore the unit of the petitioner on the ground that he is ready to pay the entire balance amount in terms of the One Time Settlement dated 3.11.2005 (Annexure P -3).
(2.) THE petitioner who is the proprietor of M/s R.G. Floor Mills, located in village Dhanowali, Tehsil and District Jalandhar availed a loan of Rs. 4,20,000/ - in pursuance of which he mortgaged the land in favour of the corporation. Initially, the petitioner paid the installments, however, later on there was default in payment of the loan installments. The respondents -Corporation on the request of the petitioner for effecting One Time. Settlement of his loan account under the Reserve Bank of India (RBI) guidelines issued a letter dated 27.3.2001 approving the one time settlement. As per this One Time Settlement arrived at between the parties, the petitioner was directed to pay an amount of Rs. 10.30 lacs out of which 25% i.e. 2.50 lacs was to be paid before 31.3.2001 and the balance amount in quarterly installments within a period of one year with 13% interest per annum. It is alleged by the petitioner that in pursuance of this One Time Settlement, Annexure P -l, the petitioner made the initial payments. However, there was a default in making the subsequent payments. As a result thereof, the respondents -Corporation issued him a letter dated 26.5.2003 informing him that there was a default to the tune of Rs. 17.93 lacs with further interest from 1.4.2003 but no substantial payment has been received from him since long. Vide this letter, the petitioner was advised that in case he failed to make substantial payment on or before 30.5.2003, the Corporation will have no other alternative but to proceed further under Section 29 of the State Financial Corporations Act, 1951.
(3.) IT is further the case of the petitioner that he again approached the respondents on 11.3.2005 for availing another opportunity for One Time Settlement Scheme and the said settlement was arrived at between the parties on 3.11.2005 vide letter Annexure P -3. It is the case of the petitioner that in terms of this settlement, the loan amount of the petitioner was settled at Rs. 7.26 lacs along with expenses (if any) and with further interest from 1.10.2004 payable in three years at the rate of 12% per annum against the outstanding balance in his loan amount of Rs. 25.08 lacs. Through this letter, it was also mentioned that penal interest of 2% over and above the normal rate shall also be chargeable for delayed payments. The petitioner has further alleged that in pursuance of this One Time Settlement dated 3.11.2005, he made payments of Rs. 27,500/ - on 29.11.2005, Rs. 30,000/ - on 26.9.2006, Rs. 50,000/ - on 27.10.2006 vide Annexure P -4 to P -6 and Rs. 40,000/ - on 29.11.2006 and Rs. 60,000/ - on 28.11.2006 and further payment of Rs. 50,000/ - on 31.3.2007. However, the petitioner has not shown any receipt/documents in support of the above mentioned three amounts.;