JUDGMENT

K. RAMASWAMY, J.:—The appellant, Managing Partner of M/s. Shiva Rice Mill situated at Nagina, Dist. Bijnor in Uttar Pradesh, owned two plots bearing Nos. 208 and 220/2 admeasuring 18 and 8 Bishwas respectively purchased under a single sale deed. In Plot No. 208 in an extent of 2,700 sq. yards abutting Highway, near Railway Goods-Shed and one furlong to the Railway Station, a strategic location of importance, the rice mill was constructed by the partnership firm. The plot bearing No. 220/ 2 remained vacant and was not even valued in assessment of the partnership-firm hypothecated the rice mill to the U.P, Financial Corporation for short the Corporation. A loan of Rs. 4,28,000/ -, was sanctioned in 1979 and Rupees 3,70,660/ - was alone disbursed in 1980 which was repayable in elevan annual instalments up to 1991. The appellant repaid a sum of Rs. 9000/ - in December, 1981. Non-co-operation of the other partners and lack of working capital, due to failure to release the balance loan, landed the running mill into rough weather and defaults in payment were committed. While finding that interest was getting mounted, the appellant wrote repeated letters to the Corporation request