BIREN SARMA Vs. ASSAM FINANCIAL CORPORATION

JUDGEMENT

(1.) The petitioner is the proprietor of M/s Ankoor Printers at Simaluguri in the district of Sibsagar, Assam. The petitioner obtained a loan of Rs. 4,30,000/- from the Assam Financial Corporation and started his prin-ting business over a plot of land measuring 1 Katha covered by PP. No.79, Dag No. 314. The operation of the Press was adversely affected due to irregular supply of power and this reduced the output of the Press to a considerable extent. The petitioner repaid the loan to the extent of Rs. 3,41,000/- on various dates by instalment. The Corporation issued a legal notice dated 2.11.98 calling upon the petitioner to pay the dues within 15 days. The petitioner, in response to the legal notice, paid another sum of Rs. 60,000/- on 12.4.99 and 1.10.99, in two instalments. The Corporation, thereafter, issued another notice dated 9.3.2000 intimating their intention to take over the printing press in exercise of the powers under Section 29(1) of the State Financial Corporation Act, 1951. Despite payment made regularly, the Corporation took over the printing Press thereby depriving the petitioner from running his business, the only source of his livelihood. The taking-over has been challenged by the petitioner in this petition with prayer for restoration of possession of the press.

(2.) I have heard Mr. C. Baruah, the learned counsel for the writ petitioner and Mr. B.K. Goswami, the learned senior counsel for the respondent Corporation.

(3.) Referring to the statement made in the affidavit-in-opppsition Shri Goswami submitted that the outstanding amount payable to the Corporation as on 24.3.2000 was Rs. 14,09,640.15 excluding interest. According to Shri Goswami, the Corporation had no option but to take over the possession of the Press in exercise of its statutory powers to save the corporation from financial loss.