SONAR CACHAR PUBLICATION PVT LTD Vs. ANITA ROY

JUDGEMENT

(1.) Heard Mr. M. Dutta, the learned counsel appearing for the writ petitioners. Also heard Mr. B.D. Das, the learned Sr. counsel representing the Assam Industrial Development Corporation (AIDC) and their Managing Director (respondents).

(2.) The 1st petitioner i.e. M/s Sonar Cachar Publication Pvt. Ltd. had availed loan from the AIDC and the agreement dated 18.01.1994 was executed by the AIDC and the borrower to incorporate the terms of the loan. Admittedly Rs.73 lakh was the principal loan amount disbursed to the petitioner during 06.04.1994 15.11.1996. The loan is required to be repaid with 17.5% interest.

(3.) The borrower faced various setbacks including the death of their M.D. Ranabir Roy and failed to adhere to the repayment schedule. Therefore, the AIDC initiated recovery proceedings, under the State Financial Corporations Act, 1951 by attaching the hypothecated property of the borrower. The mortgaged assets were taken over by the AIDC without exercising the management option, under Section 29 of the 1951 Act and thereafter, the sale notice was advertised on 16.10.2014 to sell the assets of the debtor.