HARI OM RASTOGI Vs. STATE OF U.P.

JUDGEMENT

(1.) This revision under Sec. 56 (i) Stamp Act, 1899 by Hari Om Rastogi is against the order dated 27-3-1996 handed down by Assistant Commissioner, Stamps in an action under Sec. 47-A of the Act.

(2.) The facts as per exposition in the pleading are : On 10-11-1994 U. P. Financial Corporation through Sri B. K. Chaturvedi, Deputy Senior Manager (Law) in capacity as mortgagee corporation transfers two properties as below (1) M/s S. B. industries in order to establish a unit had obtained Rs. 4,83,000.00 from U. P. Financial Corporation through an equitable mortgage on 16-5-1979 by deposit of original sale-deed dated 26-10-1978 (2) M/S R. D. Textiles (Pvt.) Ltd in order to establish a unit had obtained a term loan of Rs. 10 lacs and margin money loan of Rs. 1,39,000.00 from U. P. Financial Corporation. He had created an Equitable Mortgage on 21-8-1978 by deposit of original sale-deed dated 27-2-1978 of factorys land and building. The borrowers could not re-pay their respective loans together with interest and other charges thereon to U. P. Financial Corporation. The Corporation initiated recovery proceedings under the provisions of Sec. 29 State Financial Corporation Act No. 63 of 1951. Consequence the Corporation took over physical possession of said two units M/S S. B. industries and M/S R. D. Textiles (Pvt.) Ltd. and to self them in favour of Hari Om Rastogi for a Consideration of Rs. 1,25 000,00. In consequence a sale-deed is executed by mortgagee corporation on 6-2-1995. The stamp duty paid there is Rs. 18,125.00. This closes the transaction.

(3.) The Sub-registering Officer has altogether different perception of things. He is stimulated to lodge a reference because Khasra Nos. 1288-A area 2115 sqr meters and 3338 sqr meters situate in Cadarianpurwa, Fatehpur city, has sufficient potential for industrial purpose; the value determined on basis of agricultural use is minor, inapt and awry. It has also some construction described lowly and dilapidated. Consequently the relief to re-value the sold-property in accordance with law and to recover deficient stamp duty following under valuation in sale. The Sub-registering Officer forwards a reference under Sec. 47-A Stamp Act on 6.1.1995.