ORAL JUDGMENT : -

The petitioner-M/s Mahaveer Enterprises is a proprietorship concern and has approached this Court challenging a notice dated January 30, 2002 issued under section 146 of the M. P. Land Revenue Code whereby the property purchased by the petitioner from M. P. Financial Corporation has been attached and sealed.

2. The facts leading to the controversy may be noticed as follows.

M/s Prominent Cement Limited (hereinafter referred to as borrower-company), a Company incorporated under the Companies Act, engaged in the manufacture of cement, had obtained financial assistance from M. P. Financial Corporation-respondent No. 3. The property of borrower-company was mortgaged as security for the repayment of the loan. The borrower-company never repaid the loan and became a defaulter and was ultimately registered under the Sick Industrial Companies Act, 1985 with Board for Industrial and Financial Reconstruction (BIFR) on March 11, 1998.

3. It appears that the aforesaid borrower-company was also defaulter in payment of the Commercial Tax to the State Government. It further appears from the record that on account of the default for repayment of the loan amount by the borrower-company