TAPEN SEN, J. - (1.) IN this application, the petitioner prays for quashing of the sale notice dated 24.11.2002 as contained in Annexure 29 insofar as it relates to the petitioner. The petitioner also prays for quashing the order dated 1.8.2002 passed by the respondent No. 2 purporting to be in pursuance of the earlier judgment of this Court delivered on 16.7.2002 in W.P. (C) No. 2991 of 2002 as contained in Annexure 24. The petitioners further prays for quashing the Notice of Dishonour of Cheque dated 9.10.2002 as contained in Annexure 27 informing the petitioners that their cheque No. 644231, dated 5.8.2002 for a sum of Rs. 21,07,654/ - had been dishonoured and therefore, they were directed to pay the said sum within 15 days from the date of the notice. The petitioners also pray for quashing the letter dated 4.9.1992 (Annexure 3); 31.12.1993 (Annexure 5) and 9.9.1994 (Annexure 6) in relation to informing the petitioners with regard to the rates of interest payable by it. The petitioners have also made a prayer for a direction upon the respondents to make a fresh calculations as per the agreed interest and not to charge interest, interest on penal interest and penal interest on penal interest. They have also made a prayer that the respondents should be directed to raise demands after waiving the entire penal interest as well as 60% interest as per judgment passed in an earlier judgment in W.P. (C) No. 1997 of 2002 (Annexure 20) read with the order passed in W.P. (C) No. 2991 of 2002.
(2.) THE petitioner, a private limited company, in order to set up an industrial unit, filed an application in the year 1980 -89 before the BICICO for a term loan as financial assistance for setting up an industrial unit. Pursuant to the said application, a term loan of Rs. 76,00,000/ - was sanctioned by letter dated 20.3.1990 (Annexure 1) along with terms and conditions. The sanction of the term loan was subject to sanction of re -finance by the Industrial Development Bank of India (I.D.B.I.) and the loan was to be repaid in 10 years which included a moratorium of 2 -1/2 years from the date of first disbursement.
(3.) ACCORDINGLY , the petitioner entered into an agreement in the year 1990 -91 whereafter BICICO issued cheques/drafts. The petitioner received a total amount of Rs. 70,69,378/ - as the first disbursement of Rs. 49,73,000/ - was made by cheque dated 31.3.1990.;