JUDGMENT

B. S. CHAUHAN, C. J.

( 1 ) THIS writ petition has been filed for a direction quashing the order dated 10-3-2004 (Annex.-l) of the orissa State Financial Corporation (hereinafter called 'the Corporation') intimating the petitioner that due to non-payment of the dues, the physical possession of the mortgaged hypothecated assets of Hotel Puja at Koida had been taken under Section 29 of the State Financial Corporations Act, 1951 (hereinafter called 'the Act') on 2-3-2004; and also for quashing sale notice dated 13-1-2005 (Annex.-8 ).

( 2 ) THE facts and circumstances giving rise to this case are that the petitioner had taken a loan of Rs. 8 lakhs in the year 1999. The loan agreement was executed on 28-4-1999 by mortgaging the property in dispute as financial security. The petitioner, Shri Uttam Prasad gupta along with Smt. Chinmayee Gupta and miss Rita Gupta also executed personal guarantee bond to the Corporation. Petitioner availed loan, however, did not pay the instalments. Therefore, the opposite party-Corporation cancelled the undisbursed loan vide letter dated 24-1-2004. Due to non-payment of Corporations dues, the demand notice dated 24-1-2004 was issued to the petitione