AJAY MAHAJAN Vs. STATE OF U P

JUDGEMENT

(1.) This writ petition has been filed against the impugned recovery certificate dated 7.7.1998 Annexure-1 to the writ petition and citation dated 15.6.2002.

(2.) Heard learned counsel for the parties.

(3.) M/s. Denim Leather Pvt. Ltd. is a company registered under the Indian Companies Act. It took a loan over Rs. forty lacs from the Pradeshiya Industrial Investment Corporation, U. P. Ltd. (hereinafter referred to as 'P.I.C.U.P.'). The company mortgaged its units as well as the property belonging to the company. The petitioner is one of the guarantors for the loan taken by the company from the P.I.C.U.P.