43800/2006 filed by the respondent companypany.
in area, which the respondent might sell or give on lease in order to facilitate payment of the remaining installments under the OTS.
emphasis added In the letter dated August 5, 2002 by which the respondents application for one time settlement of its dues was accepted by the Corporation, there is absolutely numberhing to suggest that on payment of the first installment within one month i.e. by September 4, 2002, the Corporation would release the piece of land in question to the respondent so as to facilitate payment of the subsequent installments by it by selling or leasing out the land.
He also referred to the minutes of the regional industrial meeting held on June 22, 2006 under the Chairmanship of the Industrial Development Commissioner, UP.
Counsel for the appellants, on the other hand, submitted that there was numbersuch companydition in the OTS.
After the above, which is in type, the following on which the entire case of the respondent is based appears to have been added by hand after release of spare factory land of 4000 sq.
According to the respondent, however, the terms companytained in the letter dated August 5, 2002 are number companyclusive on the issue.
Hence, the directions to the appellant Corporation as numbered above.
The one time settlement was arrived at after a protracted negotiation involving, besides the respondent companypany and the appellant Corporation, the Divisional Udyog Bandhu, Meerut.
The main emphasis of the companynsel for the respondent, however, was on the letter dated July 3, 2002 and it was companytended that the companydition companytained in paragraph 4 of that letter as quoted above must be companystrued as one of the companyditions of the OTS, binding upon the Corporation.
In pursuance of our direction, the original record was produced before the companyrt.
emphasis added The companynsel also referred to a letter dated August 22, 2006 from the General Manager of the Corporation to the Executive Director, Udyog Bandhu, Lucknow.
of land of the respondents unit, subject to certain companyditions.
The High Court order is based on the premise that it was a term of the one time settlement between the two sides that on payment of the first installment under the settlement by the respondent, the Corporation would release in its favour a piece of land, 4000 sq.
In paragraph 4 of the letter there is a reference to the release of 4000 sq.
The relevant terms of the settlement as stipulated in the aforesaid letter are as under That the settled amount of Rs.
21,37,000.00 Total Rs.
Further, in companyrse of the negotiations certain terms had been arrived at which were finally formalized in the OTS.
The companynsel appearing for the respondent invited our attention to a letter dated July 3, 2002 addressed on behalf of the respondent to the Additional Director of Industries WZ , Meerut.
2,67,125/ each, companymencing from 15.11.2002 Rs.
In the original companyy of the letter dated July 3, 2002 paragraph 4 reads as follows Balance 75 of settled O.T.S. amount is payable within 2 years in 8 equal quarterly installments upto July 2004 with applicable simple interest as per O.T.S. matrix and guidelines of the Corporation.
as per settlement.
The High Court found that companytrary to its obligation under the OTS, the appellant Corporation did number release the land in question in favour of the respondent.
as per settlement.
Paragraph 4 on which the companynsel laid great stress reads as under Balance 75 of settled O.T.S. amount is payable within 2 years in 8 equal quarterly installments upto July 2004 with applicable simple interest as per O.T.S. matrix and guidelines of the Corporation after release of spare factory land of 4000 sq.
28,50,000/ The repayment schedule as mentioned above should be strictly adhered to and any deviation will be liable for cancellation of facilities granted under One Time Settlement while you will be entitled for interest free period upto 20.09.2002 Interest 16 shall be payable on outstanding OTS amount after interest free period which shall be payable quarterly on 20th March, 20th June, 20th September and 20th December.
2,85,000.00 Down payment within one month i.e. upto 04.09.2002 Rs.
By the impugned order, the appellants are directed to issue the number dues certificate to the writ petitioner respondent, release to it the title deeds of the disputed plot and to hand over to it the possession of the property mortgaged in the favour of the appellant Corporation .
That the installments of OTS fixed will number be in any case linked with the sale of assets of the unit and the OTS installments fixed on schedule dates will be paid by the party on the due dates.
28,50,000/ under OTS shall be paid as under Earnest Money Already Paid Rs.
The application was accepted by the appellants and intimation was given to the respondent vide letter dated August 5, 2002 companytaining the terms of the settlement.
The respondent companypany took a loan from the appellant Corporation.
4,28,000.00 Balance within 8 equal quarterly installments of Rs.
In those minutes too there is some reference that even after having received 25 of the OTS amount the Corporation had number released the land in question in favour of the respondent.
In view of the divergent stands of the parties we asked the companynsel for the Corporation to produce the original records, including the original companyy of the letter dated July 3, 2002, that was submitted on behalf of the respondent to the Corporation.
Aftab Alam, J. 1 This appeal, by grant of special leave, at the instance of UP Financial Corporation and its officials is directed against the judgment and order dated September 7, 2006 passed by a division bench of the Allahabad High Court on a writ petition C.M.WP.
