RISE PRESS Vs. DELHI FINANCIAL CORPORATION

JUDGEMENT

(1.) THE petitioner claims to have taken a loan of `3,85,000/- from the respondent in the year 1982-83 for setting up a Letter Press Printing Unit. It is further the case of the petitioner that he took a plot of land in Shalimar Bagh Industrial Area on verbal understanding from its owner that the petitioner till purchase will pay `2,000/- per month for the said land and set up his Unit therein and subsequently purchased the said land on General Power of Attorney basis; that the machinery and equipment installed therein was hypothecated with the respondent; that the respondent did not release the total of the sanctioned loan inspite of repeated reminders; that in or about the year 1986 the earlier owner of the aforesaid plot of land filed a petition for eviction of the petitioner from the property aforesaid and colluded with the respondent and the respondent in pursuance to the said collusion sealed the property of the petitioner and handed over the documents of purchase of property lying therein to the erstwhile owner; that the petitioner filed a suit for permanent and mandatory injunction against the respondent in this regard; that the respondent in the year 1989 threw out the machinery, stocks etc. of the petitioner lying in the premises aforesaid and the earlier owner took possession of the premises; that the petitioner from time to time was arrested for non-payment of the balance dues but inspite of repeated reminders of the petitioner, the respondent did not furnish any accounts to the petitioner. THE cause of action for the present writ petition was the notice dated 13th May, 2009 issued by the Asstt. Collector of the Govt. of NCT of Delhi informing the petitioner that upon non-payment of `7,81,613.91p due to the respondent, the petitioner shall be arrested. This writ petition has been filed by the proprietor of the petitioner in person seeking the relief of directing the respondent to account for the assets of the petitioner taken over and to summon all the records relating to the petitioner in Court and to settle the accounts with the petitioners.

(2.) NOTICE of the petition was issued and vide ex parte ad-interim order dated 28th July, 2009 the proceedings initiated against the petitioner stayed. The said order has continued in force till now. On 2 nd March, 2010 liberty was granted to the petitioner to visit the office of the respondent to explore the possibilities of out of Court settlement. The counsel for the respondent informs that the petitioner in the said meeting only asked for the documents and which have been provided to him.

(3.) THE petitioner has filed a detailed rejoinder together with the copies of the documents since made available to the petitioner.