borrower) had taken
loans/financial accommodation from the Uttar Pradesh Financial
Corporation (UPFC). Because of the consistent default on the part of
the said borrower ... paying the loans, the UPFC took possession of
the land and building of the borrower which were mortgaged/kept as
security with the UPFC. This
recital of the facts stated by the appellant Uttar Pradesh Finance
Corporation (UPFC) in the appeal filed by it would suffice for the purpose ... term loan of Rs. 4.55 lacs was sanctioned by the UPFC to one M/s.
Sangam Ice Cream (hereinafter shall be referred
District Judge allowing the appeal of the respondent Uttar
Pradesh Financial Corporation (UPFC) against the order dated 31st March,
2001 of the Insolvency Judge, Delhi ... Insolvency Judge had overruled
the objection of the respondent/UPFC to the petition for insolvency under
CM(M) No.163/2004 Page
industrial unit with the financial assistance of U.P. Financial Corporation (UPFC). On the defaults committed by the company in repayment, the industrial unit ... taken over by the UPFC under Section 29 of the State Financial Corporation Act and was put to sale. M/s Sarju Steels Pvt. Limited
Khanchandpur, Rania, Kanpur Dehat with the
U.P. Financial Corporation (in short UPFC) for a loan. It defaulted in the
payment of loan. Therefore UPFC ... purchase the aforesaid unit and its tender was accepted by the UPFC
on 3.5.2003. In pursuance of the above acceptance, UPFC executed a
sale dated
bank and the Uttar Pradesh Financial Corporation (hereinafter referred to as "UPFC") resulted in an acute crisis. The company was taken over under ... Section 29 of the UPFC Act and was sold away for a throw away price. At the time of the aforesaid seizure, the respondent-bank
tune of Rs, 4,53,000/- was sanctioned by the UPFC to the petitioner on 5-6-1986; that of the sanctioned amount only ... State Financial Corporation Act (brieily, the Act) by the UPFC against the petitioner is illegal.
2. In the counter-affidavit filed for and on
behalf
found the officers of
PICUP and Uttar Pradesh Financial Corporation ('UPFC'). The security
guards posted by prevented him from removing any goods ... Time Settlement ('OTS'). Mr. Rai admitted that
UPFC was also claiming a sum of Rs. 45,00,000.
9. In terms
favour of the Uttar Pradesh Financial Corporation (for short, ''the UPFC') and also different from the said property. The mortgaged property that ... that mortgaged by Jagannath son of Dhoom Singh in favour of the UPFC, is void and non est, which has no effect on the plaintiff
executed by U.P. Financial Corporation (hereinafter referred to as "UPFC") in favour of Tej Singh Tyagi respondent-6. Further a mandamus ... amount after 10.6.1997, when physical possession of Unit was taken over by UPFC.
4. Facts in brief, as stated in writ petition are that petitioner
