MAN SINGH Vs. STATE OF PUNJAB

JUDGEMENT

(1.) The petitioner got financed from Punjab Financial Corporation three trucks bearing registration No. PUR 1271, PUR-1272 and PUR-1273. The documents relating to hypothecation of the vehicles in favour of the Corporation were executed at the same time in the year 1970. The petitioner made, some payment of instalments but perhaps defaulted in respect of some of the dues payable. Resultantly, a petition under section 3 1 of the state Financial Corporation Act, 1961 for recovery of Rs. 61.249.04 was filed. The petition was allowed and the executable order dated 5.12.1975 was passed against the petitioner for recovery of Rs. 44.450.34. Copy of the aforesaid judgment has been appended as Annexure-Pl. The aforesaid judgment was challenged by the petitioner by way of filing F.A.O. No. 38 of 1976 before this court.

(2.) During the pendency of the appeal. the payments were made in pursuant to some orders passed in the aforesaid appeal. As on January 27, 1977 balance amount of Rs. 2,000/- remained recoverable from the petitioner. The aforesaid appeal was dismissed vide judgment dated September 26, 1984. It has been held that the corporation is entitled to recover the amount of balance loan along with future interest till the date of realization. However the amounts as mentioned in the interim orders passed in the aforesaid appeal are stated to have been paid by the petitioner. The petitioner filed L.P.A. No. 51 of 1985 against the judgment of the learned Single Judge and that the said appeal has been admitted and is pending as per the statement of the learned counsel for the petitioner.

(3.) It has been contended by the learned counsel for the petitioner that as per their own claim which is corroborative from the notice issued by the corporation, copy Annexure P-8 a suns of Rs. 5,375/- is claimable by the corporation. It is further contended by the learned counsel for the petitioner that the vehicles in question were attached and were sold accordingly in pursuant to warrant of sale issued by the Executing Court but the sale seems to have taken place in February 1986. However it is not discernible as to for what amount the vehicles had been sold. It has not been mentioned in the statement of Shri T.N. Gupta Retired District and Sessions Judge. copy Annexure P-7.