ANURAG SHARMA Vs. HARYANA FINANCIAL CORPORATION

JUDGEMENT

(1.) THIS judgment would dispose of CWP No. 1715 of 2000 and CWP No. 12115 of 2001, as the facts stated in both the petitions are somewhat similar and that the relief claimed is dependent upon ascertainment and decision upon the facts averred and claimed in the petitions. However, the facts are being taken from CWP No. 1715 of 2000.

(2.) A company under the name and style of M/s Salwan Packages Private Limited, is stated to have been floated for setting up a unit for manufacturing of trays for the purpose of holding eggs and apples. The unit was set up at Garhi, Tehsil Naraingarh Distt. Ambala (now District Panchkula, Haryana).

(3.) SINCE the petitioner became a chronic defaulter, proceedings were initiated under the provisions of State Financial Corporation Act and resultantly in pursuant to Section 29 of the Act, the management and possession of the unit was taken over on 3.9.1997. The HFC made efforts in the first instance for auctioning the unit and that a latter dated 24.2.1998 was sent to the petitioner with categoric direction that he should appear before the HFC on March 6, 1998. The petitioner offered that he can get a customer for purchasing the unit for a sum of Rs. 35 lacs. Despite the opportunity granted, the petitioner was not able to bring any customer for purchasing the unit. In fact, an offer was received for Rs. 26 lacs from one Shri Sarabjit Kumar who had addressed a communication dated 11.3.1988. He was advised to deposit the balance amount as per terms of the sale. In the first instance a cheque of Rs. 1.35 lacs was deposited as earnest money. However, the said cheque was dishonoured and that the said alleged auction purchaser did not show up thereafter. Thus, the unit along with collateral security was again advertised for sale by inviting tenders for November 17, 1998 and that the petitioner was informed vide letter dated November 27, 1998. No response was received. Re-advertisement was made and the petitioner was again informed on May 6, 1999. However, on 7.6.1999, HFC received an offer of Rs. 10.5 lacs from one Shri Vikram Singla along with pay order of Rs. 1.05 lacs. The re- advertisement was made and in pursuant thereto some of the bidders sat across the table for negotiations. The company was represented through Shri Anurag Sharma who was present at that time. The borrower was also advised to locate better buyer if possible and that if he failed to do so the HFC shall dispose of the property at the best available price. It may be noticed that the offer of Rs. 10.05 lacs was rejected. Subsequently, during negotiations, the highest offer of Rs. 15.30 lacs was made by one Shri Het Ram against the assessed value of both the primary security and collateral security amount of Rs. 10.50 lacs. The offer was accepted and that the balance amount was agreed to be received by way of "deferred payment". However, the petitioner had been given again an opportunity to locate a better buyer and that the offer should be at least 10% over and above the offer initiated by HFC. Despite the opportunity granted, the petitioner did not bring any buyer within the stipulated period instead the present petition has been filed.