B. SUDERSHAN REDDY, J.

( 1 ) THIS batch of writ petitions and Contempt Case may be disposed of by a common order since the subject-matter that arises for consideration in all of them is one and the same and they are inter-related and interconnected. The parties in all the cases, except in W. P. No. 24115 of 1998, are also one and the same.

( 2 ) W. P. Nos. 14174, 24502 and 36133 of 1998 are filed by the Andhra pradesh Industrial Infrastructure Corporation Limited (APHC) whereas W. P. Nos. 25060 of 1998 and 17443 of 1999 are filed by the Syndicate Bank.

( 3 ) FOR the sake of convenience, we shall refer to the parties by their names i. e. APHC and Syndicate Bank instead of referring to them as petitioners and respondents. We shall refer to the M/s. United Auto Tractors limited, who is the allottee of the land and principal borrower as the company .

( 4 ) THE APHC filed W. P. No. 14174 of 1998 challenging the proclamation of sale dated 21 -1 -1998 of Recovery Officer, Debts Recovery Tribunal (DRT), Bangalore and auction sale notice dated 8-3-1998 proposing to auction plot No. A-27/2 to an extent of ac. 25. 00 which forms part and parcel of plot no. A-27 measuring Ac. 51. 00 situated at ida, Nacharam, Ranga Reddy District, hyderabad on various grounds.

( 5 ) LIKEWISE, W. P. No. 24502 of 1998 is filed by the APHC challenging the orders dated 12-8-1998 passed by the Recovery officer, DRT rejecting the claim of the APHC in respect of the property in Plot No. A-27 and the consequential decision to sell the same in public auction in pursuance of the certificate dated 30-12-1996 issued by the drt, Bangalore.

( 6 ) W. P. No. 36133 of 1998 is also filed by the APHC challenging the action of the same recovery Officer in proposing to auction the land admeasuring Ac. 51. 00 in two lots in realisation of the amounts due from the company.

( 7 ) THE Syndicate Bank filed W. P. No. 24060 of 1998 challenging the auction-cum-sale of the property out of plot No. A-27 situated at IDA, Nacharam pursuant to the auction notice dated 6-8-1998. W. P. No. 17443 of 1999 is also filed by the Syndicate Bank questioning the cancellation of allotment order dated 14-7-1999 to an extent of Ac. 26. 00 of land earlier allotted to the company. Factual Matrix :

( 8 ) THE Company submitted its application dated 19/03/1969 seeking allotment of an extent of Ac. 100. 00 of land in the industrial area for setting up of an industry to manufacture agricultural tractors and implements. The Government of Andhra pradesh vide letter dated 18-7-1972 of the director of Industries allotted an extent of ac. 51. 00 of land in Nacharam Industrial development area in favour of the company for setting up of the said industry. That accordingly an agreement was entered into on 3-8-1972 by and between the Government of Andhra Pradesh and the company, which inter alia required the company to pay to the Government the cost of the land plus developmental charges as determined by the government. That as a condition precedent, to place the company in possession of the plot allotted, an initial payment of not less than Rs. 2,46,840. 00 being 50% of the costs was required to be paid. That the Company agreed to execute a promissory note in favour of the Government for the balance unpaid cost of the land plus developmental charges on the basis of the cost tentatively arrived at Rs. 9,680. 00 per acre. The Company had undertaken and agreed to pay the amount under the said promissory note within a period of six months from the date of execution of the agreement i. e. 3-8-1972. The date and time of payment has been agreed to be the essence of the contract. It is unnecessary to refer to the details of various terms and conditions incorporated into the agreement except those which are relevant for the purpose of disposal of these writ petitions.

( 9 ) SINCE the controversy between the parties is required to be resolved mainly with reference to the certain covenants incorporated in the agreement, we sha

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