GOPAL KRISHAN VYAS, J. - (1.) The instant special appeal is arising out from the order dated 11.1.2018 passed by the learned Single Judge in SBCWP No.3142/2013 whereby the interim order granted in the aforesaid writ petition was rejected on the ground that petitioner firm is not serious in settlement of the dispute with the RFC.
(2.) In this appeal, the learned Senior Advocate Sh. MR Singhvi vehemently argued that the appellant/writ petitioner company took the land measuring 1.6350 hectares on lease from the State Government and constructed resort and for the purpose of financing the said project, besides the promoters' contributions to the tune of Rs. 1.50 crores, a term loan of Rs. 2.41 crores was obtained by from the RFC in two different accounts which is first to the tune of Rs. 2.14 crores, which was sanctioned on 29.12.1999 and another to the tune of Rs. 41 lacs, which was sanctioned on 20.4.2001 but out of the aforesaid amount, a sum of Rs. 27.54 lacs only was disbursed. The rate of interest payable by the appellant/writ-petitioner under these loan accounts was 15.5% per annum on the first loan account and 16% on the second loan account and 5% penal interest in case of default and 16% interest on the funded interest converted into term loan in the year 2004. According to the appellant the company started its business in the month of April, 2001 and was doing well but on account of there being fall in the tourist industry, it was bound to have and did have a severe and adverse effect on the cash inflow and profits, therefore appellant-writ-petitioner's resort resulting in default in repayment of the interest and the principal amount of the respondent - Corporation which was to be started from 01.10.2005 as mentioned in the letter dated 12.5.2004 issued by the respondent - Corporation which they converted the funded interest into term loan to be paid in six quarterly installments upto 1.6.2008.
(3.) The petitioner-appellant was facing financial problems on account of aforesaid reasons, but in spite of that. it repaid a sum of Rs. 84.41 lacs in total towards said term loan uptil 21.11.2004. But despite aforesaid fact the respondent- Corporation took extreme step of recalling its entire loan with outstanding interest by issuing the legal notice. The appellant- petitioner preferred writ petition before this court and said writ petition was registered as S.B. Civil Writ Petition No. 466/2005. The said writ petition was disposed of vide order dated 15.09.2006 with the direction to the appellant-petitioner to make a representation before the respondent - Corporation for settlement. Aggrieved with aforesaid order, D.B. Civil Special Appeal (Writ) No. 888/2006 was field by the appellant -petitioner and came with the case that the substantial payment to the tune of. Rs. 2.02 crores have already been made by the company against the term loan of Rs. 2.41 crores within about 5-6 years and submitted that company may be granted time for settlement of the entire accounts by their own resources or by obtaining finance from other financial institutions after taking benefit of NOC issued by the respondent-Corporation. It was also submitted that respondent-Corporation be directed to provide the statement of accounts and also waive the penal interest as was agreed during the earlier negotiations. The said special appeal came to be disposed off vide order dated 13.8.2008 directing the appellant-petitioner to deposit a sum of Rs. 10 lacs per month till 31.3.2009 or till the account is cleared up, whichever is earlier and with respect to the penal interest, it was directed that a representation before the respondent-Corporation and the respondent-Corporation directed to decide the same on its own merits objectively and dispassionately. In compliance of the aforesaid, the appellant-petitioner submitted a representation before the respondent-Corporation, however, the said relief was declined and representation of the appellant-petitioner was rejected with direction to proceed for recovery of Corporation's dues by initiating legal action as per the norms. ;