( 1 ) BOTH these petitions being based on the similar facts and law are being disposed of by this common judgment.

( 2 ) M/s. Brij Mohan Rice Mill (hereinafter referred to as the Unit) is a partnership firm registered under the Partnership Act. Sri Gyan Singh son of Sri Kandhai Lal, Prem Singh son of Sri Brij Mohan, Smt. Indira Devi wife of Sri Brij Mohan and Smt. Pan Kumari daughter of Sri Manohar Singh are partners of the unit. It appears that the Unit was sanctioned a loan of Rs. 14-50 lacs on 2-4-1988 by the U. P. Financial Corporation (for short the Corporation) but later on it was cancelled by the Managing Director of the Corporation on 14-9-1988. Thereafter by order dated 27-2-1991 the Managing Director revived the loan and ultimately on 13-8-1991 agreement was executed between the parties. As per the terms and conditions of agreement the loan amount does not seem to have been paid to the Corporation, therefore, the Corporation issued notice dated 12-8-94 under S. 29 of U. P. Financial Corporation Act. However, petitioner made certain deposits towards the loan but entire amount due was not paid to the Corporation as per the terms and conditions of the agreement.