ALOK ENTERPRISES Vs. RAJASTHAN FINANCIAL CORPORATION

JUDGEMENT

(1.) The petitioner herein M/s. Alok Enterprises claims to be the auction purchaser of an Industrial unit by the name of M/s. Vincum Engineering Enterprises (P) Ltd. situated at Jaipur, from the respondent No. 1 Rajasthan Financial Corporation ('R.F.C.' for short) and has therefore sought a direction to the respondent No. 1 to issue acceptance letter of the tender, execute the necessary documents and handover the possession of the aforesaid to the petitioner without any further delay.

(2.) Hence the question which requires determination in this writ petition is whether the auction sale can be held to be complete in favour of the petitioner so as to direct the respondents to execute the sale deed and handover possession of the industry in favour of the petitioner, although the terms and conditions of the offer and acceptance in regard to the sale had still been at the stage of negotiation which had not reached a final stage.

(3.) The petitioner has sought the desired relief on the premise that a tender notice was issued by the respondent No. 4 Deputy General Manager of the R.F.C. for the sale of various units which were taken over by the R.F.C. under Section 29 of the State Financial Corporations Act, 1951. The tenders for the sale of land, building plant and machineries of M/s. Vincum Engineering Enterprises (P) Ltd. were called by the respondent R.F.C. on 24-11-1990 and the conditions of sale were enumerated in the said tender notice which had been published in the local newspaper-Rajasthan Patrika on 22-11-1990.