MODERN MINERAL PROCESSING COMPANY (P) LTD. Vs. MANAGING DIRECTOR, ORISSA STATE FINANCIAL CORPORATION AND 4 ORS.

JUDGEMENT

(1.) This writ petition has been filed to complete the sale/transfer of the Unit in favour of the Petitioner and to quash the allotment of land granted in favour of the opposite party No. 4 vide letter dated 17.10.2001 (AnnEx. -12).

(2.) The facts and circumstances giving rise to this case are that vide letter dated 5.9.1986 an area measuring Ac. 7.92 decimals, containing 3 plots bearing plot Nos. 123/ A, 130 and 146 was allotted to Orissa State Electronic Development Corporation (hereinafter called the 'Corporation'), out of which the Corporation asked the Industrial Development Corporation of Orissa (IDCO) to hand over possession of Plot No. 123/ A to M/s. Elcomos Electronics Ltd. (hereinafter called 'Elcomos Ltd.'). The said plot was handed over to Elcomos Ltd. on 13.7.1987 and in respect of the same a lease deed was executed on 18.11.1988. The said plot was mortgaged by Elcomos Ltd. on 24.01.1989 in favour of Orissa State Financial Corporation (hereinafter called 'O.S.F.C.'). As the loan was not paid by the Elcomos Ltd., the plot was attached by O.S.F.C. in exercise of its power under Sec. 29 of the Orissa State Financial Corporations Act (hereinafter called the 'Act'). The said plot was put to auction on 9.3.1998 and settled in favour of the Petitioner for a consideration of Rs. 180 lakhs with down payment of Rs. 40 lakhs. The balance amount was to be paid within five years in eight half yearly installments. Accordingly, the Petitioner took possession of the entire land and building, plant and machinery, as per the layout plan, on the said plot bearing No. 123/A.

(3.) This writ petition has been filed raising large number of issues, but at the time of submission Mr. Y. Dash, learned Senior Counsel, appearing for the Petitioner has restricted his case to retain the land which the Petitioner has got possession on 18.9.1998.