SHYAM INDUSTRIES Vs. BIHAR STATE FINANCIA

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) Petitioner is a borrower from the respondent Bihar State Financial Corporation. Two term loans were sanctioned to him. Based on the loans and his own resources he tried to set up the industry in question but it did not work out the way he expected it to be and the industry ran into difficulty and even defaulted.

(3.) Failure on the part of the petitioner to repay back the loans compelled the Corporation to invoke Sections 29 and 30 of the said Financial Corporation Act. When the Corporation sold the unit they got a buyer in the name of Bijay Kumar Motani. The sale was never completed because the said Bijay Kumar Motani too defaulted in his commitment and payment. Matter travelled to the High Court and even to the Hon'ble Supreme Court. Motani failed in taking possession of the property as he failed to keep the commitment and the direction of the Court.