Alok Sharma, J. - (1.) MR . M.M. Ranjan, Sr. Advocate with Mr. Rajat Ranjan, appearing for the petitioner has very fairly submitted that the petitioner be allowed to withdraw the petition with liberty to file a suit for rendition of account against the respondent -RFC as the dispute before this Court fundamentally relates to the amount due by the petitioner to the RFC in terms of the term loan agreement between the parties and the interest provisions therein. In view of the submissions made by the counsel for the petitioner, this writ petition is dismissed as withdrawn with liberty as prayed for. In the event of an application for condonation of delay under Sec. 14 of the Limitation Act being filed along with the suit, it is expected of the trial Court that the said application for condonation of delay will be addressed keeping in view the factum of the petitioner having approached this Court on 26.10.2009 and other surrounding circumstances. Thereafter the application for condonation of delay shall be disposed of in accordance with law.
(2.) SR . Advocate Mr. Ranjan then submitted that the respondent -RFC be required to consider the petitioner's application for sale of about 1995 sq. meter of land out of the plot mortgaged with RFC. Mr. Anuroop Singhi, appearing for RFC, submits that the submission made by the counsel for the petitioner does not emanate from the pleadings of the writ petition and no such prayer has been made in the writ petition before this Court. He submits that the petitioner should be left to its remedies inter alia including approaching RIICO which has allotted the said plot for bifurcation of the plot and permission for sale of 1995 sq. meter of land carved out thereof. Counsel submits that in the event RIICO were to grant permission for bifurcation of the plot mortgaged with RFC, carve out a new/separate plot of 1995 sq. meter out of the existing plot of about 6000 sq. meter and there no order of any competent Court is operative restraining/injuncting sale of the aforesaid plot with an area admeasuring 1995 sq. meter, RFC will consider the petitioner's application for grant of permission for sale of part of the mortgaged plot in accordance with law. In view of the submissions, this Court is of the view that in the event of RIICO granting permission for the bifurcation of the plot mortgaged with RFC carving out a new plot of 1995 sq. meters and there obtains at the relevant time no restraint by any Court on the sale of the potential new plot of 1995 sq. meter (newly carved out plot), RFC shall consider the prayer of the petitioner for sale thereof to discharge the outstanding of RFC. It is made clear that in the event of sale of any portion of the plot mortgaged with RFC, the amount will be paid directly to RFC towards the discharge -whole or partial, of its outstanding debt.;