JAGANNATH MINICHEM PRIVATE LTD Vs. ORISSA STATE FINANCIAL

JUDGEMENT

(1.) PRAYER in this writ application is for a direction to the opposite parties to refund the excess amount of Rs. 2,50,000/ - along with interest.

(2.) IT is not disputed that the present petitioner had obtained loan from the Orissa State Financial Corporation and established an industry. The industrial concern was seized Under Section 29 of the State Financial Corporation Act and subsequently it has been sold to a third party. The petitioner has stated that the amount due from the petitioner was Rs. 9,65,00/ - and as such the Corporation should pay the balance amount to the petitioner in accordance with Section 29(4) of the State Financial Corporation Act. The learned counsel appearing for the Corporation has submitted that though the unit in question has been sold, the purchaser has not yet paid the entire amount and as soon as the entire amount is recovered from the purchaser and adjustments are made in accordance with Section 29(4), the balance amount shall be refunded to the petitioner.