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ARUN MISHRA
SHARADIK RUBBER AND INDUSTRIES LTD. , CALCUTTA – Appellant
Versus
M. P. FINANCIAL CORPORATION, INDORE – Respondent
Arun Mishra, J.
This writ petition has been filed by the petitioner, a company registered under the Companies Act, seeking the quashment of the proceedings initiated by the M.P. Financial Corporation, Indore, u/s 29 of the State Financial Corporation Act, 1951 for sale of the property to respondent 2, M/s Sai Chemicals Ltd. Bombay on 24-4-1995 and to direct the Corporation to restore the possession of the factory to the petitioner. By way of amendment further relief has been sought to restore the machinery and the property to the factory premises in the State in which it was on 25-4-1995. Subsequently the property has been sold to respondent 3, M/s Kali Sales Corporation.
The petitioner-company avers in the petition that the company had set up an industry at a huge expense of Rs. 25 lacs at Pachmarhi Road, Piparia, for manufacture of hawai chappals, canvass shoes and cycle tyre-tubes in the year 1965. In the year 1971 the company took a loan of Rs. 9,50,000/- from M.P. Financial Corporation and thereafter took the loan of Rs. 6,50,000/- in the year 1978. The factory came into difficulty and became a sick unit and was closed in the year 1989 and it could not repay the loan of the
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