NARENDRA SINGH DHADDHA, J. - (1.) Learned counsel for appellant-Corporation has submitted that the order passed by the learned Single Judge was liable to be set aside as the learned Single Judge has erred in referring the matter to the Chartered Accountant for carrying out the calculations. The dispute between the parties, should have been decided by the learned Single Judge itself, instead of referring the same to the independent Chartered Accountant as the Rajasthan Financial Corporation is a Government organization.
(2.) Learned counsel for M/s. R.S. Industries Rolling Mills Ltd (later on changed as M/s. R.S. Infra-Transmission Limited) [hereinafter referred to as 'Company"] has submitted that the claim was raised by the Corporation after the expiry of limitation, i.e, after five years. Learned counsel has further submitted that the learned Single Judge has rightly referred the matter to the Chartered Accountant as the calculations involved in the case could have been only carried out by an expert.
(3.) Writ petition was filed by the Company challenging that the notice dated 19.11.1996, whereby Corporation, by invoking Section 30 of The State Financial Corporation Act, 1951 (hereinafter referred to as 'the Act') had recalled the loan amount of Rs.12,76,630/-. Order dated 11.02.1997, invoking power under Section 29 of the Act by the Corporation, had also been challenged, whereby Corporation had informed the Company that it will take over the possession of the assets on 28.02.1997.;