SHIV VINAY SINGHAL Vs. STATE OF RAJASTHAN

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) Brief facts of the case are that one industrial unit M/s. Shiv Shakti Saw Mill situated in the District Bhilwara was defaulter in payment of loan amount of Rajasthan Financial Corporation, therefore, the possession of the property was taken over by the RFC and the unit was auctioned. The petitioner participated and gave his bid. The petitioner's bid was found highest and an agreement was executed between the petitioner and the RFC on 9-2-1995. The petitioner agreed to purchase the unit for a consideration of Rs. 2,85,000/- The petitioner did not repay the due amount for which he agreed and he committed default in payment of Installments of the said amount. The RFC initiated proceedings under Section 29 of the State Financial Corporations Act and took over the property again which was given to the petitioner vide agreement dated 9-2-1995. This property was sold by the RFC for a consideration of Rs. 1,55.000/- only. The auction notice before transfer of the property was published in the newspaper on 13-11-1999.

(3.) It appears from the reply that the auction was completed in the year 2000.