SHIV COTEX Vs. TIRGUN AUTO PLAST P LTD

JUDGEMENT

(1.) Leave granted.

(2.) The purchaser, who was not party to the suit but impleaded as 2nd respondent in the first appeal and was arrayed as such in the second appeal, is the appellant being aggrieved by the judgment and order of the High Court of Punjab and Haryana whereby the Single Judge of that Court allowed the second appeal preferred by the plaintiff (1st respondent) and set aside the concurrent judgment and decree of the courts below and remanded the suit to the trial court for fresh disposal after giving the plaintiff an opportunity to lead evidence.

(3.) In the month of May, 1991, the 1st respondent -- M/s. Tirgun Auto Plast Private Limited - applied to the Punjab Financial Corporation (for short, 'Corporation') for a term loan of Rs. 47.60 lac and special capital assistance (soft loan) of Rs. 4 lac. The term loan of Rs. 46 lac and soft loan of Rs. 4 lac was disbursed by the Corporation to the 1st respondent in the month of October, 1991 on execution of the mortgage deed. Vide this mortgage deed, the 1st respondent mortgaged its various assets in favour of the Corporation. On the 1st respondent's failure to pay the due amount along with interest, the Corporation on March 19, 1998 took over the mortgaged property comprising land, building and machinery in exercise of its power under Section 29 of the State Financial Corporations Act, 1951 (for short, '1951 Act').