1. Facts, as uncontroverted at the time of arguments before this Court, are as under:

2. The petitioner is sole proprietor of M/s National Wires Products Ltd., village Ghatoli, District Jind. In the year 1983, he applied to the Haryana Financial Corporation (hereinafter referred to as the “Corporation”) for a cash loan of Rs.6.5 lacs. The loan aforesaid came to be sanctioned by the Corporation vide reference No.HFC-PP 244. As per the order of sanction, the amount was utilizable for the purchase of land, building and machinery and also for working capital etc. At the time of sanction of the loan, the petitioner mortgaged 18 Marlas of land comprised in Khasra No.167, Killa No.90/3, situated in Revenue Estate of village Ghatoli, District Jind with the Corporation. Along with the plant, the engine, machinery, electric equipments, tools and accessories installed or located, affixed or attached in the factory were also mortgaged with the factory. However, the petitioner suffered heavy business losses and the manufacturing process in his factory came to a stand still. On account of default in the payment of amount, the Corporation took over the possession of the unit on 20.8.1997