15.50 crores as settlement of the final dues of the Corporation on certain terms and companyditions mentioned therein.
The said assets of the Company were purchased by the present respondent in a public auction for a sum of Rs.
The High Court having set aside the said order, PSIDC is in appeal.
45,00,00,007 and a deed of agreement was executed between the respondent and PSIDC.
Mr. Mahabir Singh appearing for the appellant Corporation, on the other hand, submitted that there has been unusual delay on the part of the respondent in payment of the instalments due and the amount recoverable from the respondent up to 10 12 2002 Would work out to Rs.
This appeal is by Punjab State Industrial Development Corporation hereinafter referred to as PSIDC against the judgment of the Punjab and Haryana High Court.
The industrial undertaking called Northland Sugar Complex Ltd. hereinafter called the Company had taken loan from PSIDC and having failed to pay the instalment dues, the assets of the said Company were taken over by PSIDC in exercise of power under Section 29 of the State Financial Corporations Act, 1951 for short the Act .
The respondent having failed to discharge its obligation of payment of the companysideration money as per the instalments indicated in the agreement, PSIDC took action under Section 29 of the Act which order was assailed before the High Court by the present respondent.
In companyrse of the hearing of this appeal, a letter addressed by the respondent to the Managing Director of PSIDC dated 13 8 2002 was produced before us whereunder the respondent has proposed to pay a sum of Rs.
21,37,79,862.
