Hon’ble Tarun Agarwala, J.—We have heard Sri A.K. Gupta, the learned counsel for the petitioner and Sri A.A.Khan, the learned counsel for the Uttar Pradesh Financial Corporation Ltd. (hereinafter referred to as the Corporation).

2. The facts leading to the filing of this writ petition is, that the Corporation gave a loan to M/s. Hindustan Coir Products Ltd. and, in lieu thereof, the said company mortgaged its property situated at A-36, Industrial area Sikandrabad, District Bulandshahr. This company could not pay the loan amount and, accordingly, recovery proceedings under Section 29 of the State Financial Corporations Act, 1951 (hereinafter referred to as the Act) was initiated against the said company. The Corporation took possession of the mortgaged property, which was put to auction in which the petitioner’s bid was accepted. The Corporation executed a sale-deed dated 8.1.1992 in favour of the petitioner for a sum of Rs. 33.50 lakhs. Upon a down payment of Rs. 13.40 lakhs, the balance amount of Rs. 16.75 lakhs was to be paid by the petitioner in five installments. Much depends upon the recital made in the sale-deed. Relevant paragraphs and Schedule-II of the sale-deed ar