KASHMIRO DEVI Vs. RANG LAL

JUDGEMENT

(1.) This writ petition has been filed with the following prayer:-

(2.) The petitioner Company was allotted lease hold rights for a period of 95 years in regard to Industrial Plot No. 32, Sector-1, Industrial Area, Parwanoo, by virtue of lease deed dated 29.3.1973 by H.P. Housing and Urban Development Authority (for short 'HIMUDA'). Respondent No. 3, who also happens to be one of the vendors for the petitioner availed credit limit from the Bank of Baroda (for short the 'Bank'), respondent No. 2 herein and the petitioner stood guarantor by executing a deed of mortgage without possession in favour of the bank on 22.5.2008.

(3.) On 8.11.2010 supplemental memorandum of entry was executed by the petitioner Company towards mortgage in favour of the bank. Later, on 2.9.2011 a tripartite agreement was executed between the petitioner, respondent No. 3 and HIMUDA, thereby leasing out a part of the industrial plot No. 32 in favour of respondent No. 3.