MAHESH AGARWAL Vs. SIDICO

JUDGEMENT

(1.) Here is a Writ Petition filed under Art. 227 of the Constitution of India.

(2.) The relevant fact is very simple and short. The petitioner along with two others of his family members took a loan from Sikkim Industrial Development and Investment Corporation for the purpose of establishment and running of a wire industry in the State of Sikkim at Gangtok. Some part of the loan was repaid, yet some remained unpaid and the same went on growing gradually on account of accumulation of interest on the balance amount. The Corporation (Respondents Nos. 1 and 2) initiated a proceeding being Civil Suit No. 57 of 94 before the Certificate Officer (Respondent No. 4) for issuance of a certificate for Rs. 43,10,636.00 being the amount outstanding. After necessary enquiry under the Sikkim Public Demand Recovery Act, 1988, a Certificate, as sought for, was issued.

(3.) The certificate was put to execution by Respondents Nos. 1 and 2 and the same was registered as Execution Case No. 3 of 95. The execution case ultimately culminated in the attachment of the factory shed, plant and machinery and bank account standing in the name of M/s. Agarwal Wire Industries Private Limited.