ANUP RAWALA Vs. SENIOR POST MASTER MEERUT CITY

JUDGEMENT

(1.) The petitioner claiming to be in legal possession of 40 Indira Vikas Patras (in short the 'IVPs') No.58 C 036541 to 036580 valued at Rs.5,000/- each has approached this Court challenging the order dated 13.12.2005 passed by Senior Post Master, Meerut City refusing to encash the said IVPs on maturity on the ground that the same were purchased by M/s.JVG Finance Limited through cheque, as such, the payment cannot be made to him. A further relief of mandamus has been prayed commanding the respondents to release the payment in respect of above IVPs having maturity value of Rs.2 Lacs and also to pay interest from the date of maturity till date of encashment.

(2.) It is submitted that the said IVPs though had been purchased by M/s. Hoffland Finance Limited but were pledged with the petitioner as security of a loan which had been advanced by him to the said company to the tune of Rs.1,70,000/- on 12.7.1997.

(3.) A counter affidavit has been filed on behalf of the respondents alleging that the IVPs in dispute were purchased by M/s.JVG Finance Limited which had made payment through cheque dated 26.4.1997 and in view of the letter of the Deputy Official Liquidator, New Delhi informing that M/s.JVG Finance Limited has been ordered to be wind up vide order dated 05.06.1998 passed by Delhi High Court in Company Petition No. 265 of 1998, as such, the IVPs in dispute, which are not in physical possession of the Official Liquidator, may not be encashed and in view of the proceedings of winding up of M/s.JVG Finance Limited which had purchased the IVPs, the disputed IVPs presented by the petitioner were not encahsed.