Hearing expedited.
From the Judgment and Order dated 6.4.87 of the Allahabad High Court in Civil Misc.
By an order dated February 21, 1984 the first respondent unit was declared a sick unit.
After the respondents filed a companynter affidavit this Court made the following order on September 18, 1987 Stay made absolute with the direction that there shall be numbersale of the industrial unit.
26, 29, 578 was released to the respondents.
Within a few months i.e., in March 1983 its operations ceased.
The first respondent Gem Cap India Pvt.
To be heard alongwith Civil Appeal No.
Writ Petition 20544 of 1986 was filed questioning the taking over of the first respondent unit by the appellant Corporation under Section 29 of the Act and for a direction to the appellant to reschedule the repayment of debt in accordance with the earlier orders of the High Court.
Second respondment is its Managing Director.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
830 of 1993.
It is number necessary to trace the companyrse of the several writ petitions except the one from which the present appeal arises.
At the request of the respondents, the appellant, U.P. Financial Corporation, sanctioned a loan of Rs.
The first respondent went into production in December 1982.
Suffice it to numbere that loan was repayable in certain specified instalments alongwith interest.
To companytinue the factual narration against the judgment of the Allahabad High Court aforesaid dated April 6, 1987 the appellant filed this appeal and on May 8, 1987 this Court while issuing numberice on the SLP directed stay of operation of the judgment of the High companyrt.
The Judgment of the Court was delivered by P. JEEVAN REDDY, J. The appeal is directed against the judgment and order of a Division Bench of the Allahabad High Court allowing Writ Petition 20544 of 1986 with certain directions.
Markandeya for the Appellant Pankaj Kalra for the Respondents.
20544 of 1986.
A sum of Rs.
The terms and companyditions of loan and the manner of repayment of the loan are companytained in the agreement and hypothecation deeds executed in 1981.
W.P. No.
29.70 lakhs.
Ltd. is a private limited companypany.
