M.B.Sharma, J. - (1.) The petitioner has confined the relief in his writ petition in relation to plot H-8 in RIICO Industrial Area, Bagru. The petitioner has relinquished all the other reliefs which had been claimed in the writ petition. I will confine the narration of facts to the relief which survives now as aforesaid.
(2.) The petitioner is a partnership concern and it applied for allotment of plot in Industrial area Bagru to Rajasthan State Industrial Development Investment Corporation (for short RIICO). Three plots H-9, H-10 and H-I1 were allotted to him for a period of 99 years lease. Thereafter, the petitioner applied for grant of loan for establishing an industry of Rolling Stainless Steel Sheets at Bagru to the Rajasthan Financial Corporation (for short the RFC). The RFC sanctioned the loan of R;. 13.5) lass on 16th December - 1932 and equitable mortgage was created in respect of plot Nos. H-9, H-10 and H-11 in favour of the RFC for the purpose of security. The petitioner is said to have availed Rs. 9.04 lacs out of the sanctioned loan, and hypothecated plot Nos. H-9, H-10 and H-11 as security of the loan and an agreement was entered into.
(3.) A place of plot of land measuring 4700 sq. metres, Plot H-8 adjoining to the aforesaid plots, on the application of the petitioner, was further allotted to it by RIICO The lease agreement of the aforesaid plot is said to have been executed on 4th May 1983 and registered on 6th May 1983. There appears to be no dispute that no equitable mortgage was created in respect of plot No. H-8 and was created in respect of plot Nos. H-9, H-10 and H-11. The RFC in its reply (page 46) has clearly stated that "they are connected with the allotment of plot No. H-8 to the petitioner firm and, therefore, they are not aware of the execution of the agreement or registration of the said plot. It is a matter which is an exclusive concern of RIICO." When the petitioner failed to pay the loan in instalments, a notice under section 30 of the State Financial Corporation Act, 1951 (for short the SFC Act) was given to the petitioner and thereafter under section 29 of that Act possession of the industrial immovable was taken over on 21.8.87. In exercise of its right conferred under section 29 of the SFC Act, the RFC wanted to sale the industrial unit.;