MOHAN KOHLI Vs. STATE NCT OF DELHI

JUDGEMENT

(1.) Aggrieved by the sale of the unit at C-392, DSIDC, Narela, Delhi-110040 (hereinafter ,,the unit in question) by the Respondent No. 2 Delhi Finance Corporation (,,DFC) to Respondent No. 3 M/s. Ganesh Footwear Private Limited (,,GFPL), the Petitioner has filed the present writ petition seeking to set aside the sale and restore the unit in question to him. The Petitioner also seeks a mandamus to initiate measures to rehabiliate the Petitioners unit in accordance with the recommendations of Haryana-Delhi Industrial Consultants Limited (,,HARDICON) submitted in February 2002.

(2.) The Petitioner is the proprietor of M/s. NBG Industries engaged in the business of manufacturing of adhesive tapes and injection moulded items. The Petitioner was allotted a plot admeasuring 350 sq.m by DSIDC at C-392, Industrial Park, Narela, Delhi on 14th July 1990.

(3.) The Petitioner applied for and was sanctioned a loan by the DFC in the sum of Rs. 42.50 lakhs for fixed capital/fixed assets and Rs. 28.25 lakhs towards working capital amounting to Rs. 70.75 lakhs. In terms of the loan agreement, a mortgage deed dated 5th March 1997 was executed by the Petitioner in favour of the DFC. The Petitioner states that although the loan amount had to be disbursed within a period of three months, only a sum of Rs. 62 lakhs was disbursed to the Petitioner over a period of 15 months by the DFC. According to the Petitioner, this itself led to the Petitioners unit entering into ,,incipient sickness. It is alleged that repayment usually starts after a period of two to three years but in the instant case repayment schedule was made to begin with effect from 1st November 1997 itself.