TMI Blog2003 (2) TMI 345X X X X Extracts X X X X X X X X Extracts X X X X ..... assets in terms of section 29 of the State Financial Corporations Act, 1951. The petitioners also prayed for a direction upon the Corporation to accord permission for sale of 4 Bighas land out of the mortgaged lands to enable them to liquidate the dues. The writ petition was disposed of by a Bench of this Court on 18-3-1988. The Court observed that though in view of the past conduct of the petitioners it was reluctant to grant any relief, in view of the readiness to sell part of 7.5 acres mortgaged land it was desirable to give them a chance to repay the entire dues. Accordingly, the Court allowed the petitioners to pay the whole amount of loan with up-to-date interest by selling vacant lands of plot Nos. 424, 432 and 445. In this manner th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antee expired, in view of plea of the petitioners that the Bank had declined to extend the validation period without production of the original Bank Guarantee, on 20-12-1991 an order was passed to return the same to the petitioners, who, in turn, were directed to get it re-validated and re- file within 15 days from the date of return. By the same order dated 20-12-1991, with the consent of the parties, Isha Nath Company, Chartered Accountants was appointed as Commissioner to determine the amount due to the Corporation. It transpired that Isha Nath Company was not in existence. Accordingly, on 27-4-1992 Shri Ashish Kumar Tekriwal, a Chartered Accountant of M/s. A. Tekriwal and Associates, was appointed as the Commissioner. A dispute aros ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nter affidavit, contents of which have been sworn by Shri Sudhir Kumar Thakur, Deputy Manager (Legal) of the Corporation, it has been stated that Chapra Branch of the Corporation has verified and re-calculated the account and as per reverified/rectified account the petitioner was found entitled to refund of Rs. 6,392.73P, which was adjusted against legal expenses as per terms of the agreement. On 26-3-2002 the managing partner of the concern, Jai Prakash Singh, made request to the Corporation to adjust the amount of Rs. 5,000 deposited on 15-3-1989 as earnest money as well as tender money of Rs. 5,000 deposited by one Chandra Shekhar Singh against the dues with assurance that he was ready to pay the remaining amount after such adjustment. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and if any dispute is sought to be raised and Commissioner is appointed to determine the account, the entire case should be left open. In other words, it may be left open to the Corporation to show that higher amount was payable in or about 1990 than Rs. 12.61 lakhs paid on 9-1-1990. He stated that as per the statement served on the petitioners the Corporation was entitled to further sum of Rs. 12.68 lakhs in 1990 itself. 7. After making submissions for sometime, counsel for the parties agreed that the rights and liabilities of the parties may abide by the result of statutory audit of the accounts of the Corporation. Undisputedly, the accounts of the Corporation are subject to statutory audit and, therefore, if in course of audit any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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