PHOTESET INDIA Vs. RAJASTHAN FINANCIAL CORPORATION

JUDGEMENT

(1.) Instant petition has been filed assailing demand notice dt.21/09/2007 (Ann.13) issued by Rajasthan Financial Corporation ("RFC") under Section 30 of State Financial Corporation Act, 1951 ("Act, 1951"); and further prayed that respondents may be directed to execute lease deed in favour of petitioner for a part of land measuring 23X46 Mtr of plot No. 27-C, Malviya Industrial Area, Malviya Nagar, Jaipur.

(2.) As alleged in the petition, plot No. 27-C Malviya Industrial Area, Malviya Nagar, Jaipur was mortgaged by respondent-5 (Luman Engineers) with RFC; and since respondent-5 failed to make outstanding dues to RFC, tripartite agreement dt.05/08/88 (Ann.5) was executed between RFC, respondent-5 & petitioner - pursuant to terms & conditions whereof, a part of plot No. 27-C measuring 23X46 Mtr ("plot in question") was sold to petitioner vide document dt.02/08/1988 (Ann.4) on deferred payment.

(3.) Main thrust of submissions made by Counsel for petitioner is that once petitioner has made payment in full to RFC in regard to plot in question in terms of tripartite agreement dt. 05/08/88 (Ann.5), respondents are under legal obligation to execute lease deed of plot in question in favour of petitioner. Counsel further submits that loan account No. 6367 relating to part of plot sold to petitioner on deferred payment which had been cleared and as regard other loan account No. 6368, to which notice under Section 30 of Act, 1951 was served upon petitioner, matter is still sub judice for one time settlement as & when arrived at between the parties.