RANCHI REFRACTORIES Vs. BIHAR STATE FINANCIAL

JUDGEMENT

(1.) The petitioner, M/s. Ranchi Refractories is a firm having its work and office at Ancillary Industrial Area, Tupudana, Hatia, Ranchi. The main respondent is Bihar State Financial Corporation. The other respondents are Union of India, State Bank of India nad the officers of Respondent No. 1.

(2.) This application was filed on 21.3.1986. By order dated 11.4.86, this Court directed for issuance of notice upon the respondents and by interim order, the auction pursuant to notice dated 17.3.1986 (Annexure-3) was stayed on the condition that the petitioner deposits a sum of Rs. 50, 000/- with the branch of the Corporation at Ranchi. The said order subsequently became inoperative, in view of order dated 20.8.1986 by which the said application was dismissed. The petitioner filed an application for modification of the aforesaid order. this Court directed the siad matter to be placed again for necessary orders. The following order was passed on 4.11.1986 by a Bench of this Court:-- 13. 4.11.1986: Heard learned Counsel for the parties with regard to stay matter. There is dispute with regard to the total amount payable by the petitioner to the Corporation. Without going on that question, at this stage, we direct that if the petitioner deposits with the Corporation a sum of Rs. 1, 50, 000/- (one lac fifty thousand), either in lump or in instalments, by 15th February, 1987, the Corporation shall not take any action in pursuance of Annexure-3. Let the case be listed on 16th February, 1987, for further orders on the stay matter. It is made clear that in case of default in paying the amount the petitioner has waived their right of notice under Section 29 of the Bihar State Finance, Corporation Act.

(3.) The petitioner filed an application for extending the date of depositing Rs. 1, 00, 000/- as directed by order dated 8.4.1987. this Court refused to extend time for deposit. The case was listed for hearing on 26.7.1991 before a learned Single Judge who passed the following order:-- It is an admitted case that the petitioner was sanctioned a lone of Rs. 8.22 lakhs by the Corporation out of which he received Rs. 7.10 lakhs. According to the petitioner, he has paid Rs. 8 lakhs and odd and is liable to pay the interest only. This is disputed on behalf of the Corporation. It is ordered that the petitioner shall file a statement of accounts of the total amount paid to the Corporation by the petitioner and shall also state the interest that the petitioner is liable to pay.