DINESH KUMAR Vs. DELHI FINANCIAL CORPORATION

JUDGEMENT

(1.) With the consent of the parties, writ petition is taken up for disposal. The petitioner has filed this writ petition seeking a writ of prohibition to restrain the respondents from auctioning the petitioner's residential house bearing No.8115, Kharia Mohalla, Roshnara Road, Sabji Mandi, Delhi and restrain them from taking possession of the said property. The petitioner inter alia also sought quashing of the proceedings initiated under Section 29 as well as a writ restraining the respondents from recovering the amounts from the petitioner in respect of the loan advanced and from taking any other coercive steps pursuant to the notice dated 13.12.1997 and 17.4.1998 issued by the respondents.

(2.) Counsel for the parties have been heard. The relevant facts as also the respective submissions are noted:-

(3.) Learned counsel submits that petitioner was unable to carry on the business at Naraina on account of high rent and was thus compelled to sell the equipment as a distress sale. Whatever proceeds petitioner got, he deposited with the respondent. Not only this counsel for the petitioner submits that residential house of the petitioner was sold for a sum of Rs.4,25,000/-, which proceeds have also deposited with the respondent.