The factual background of the case in a nutshell is as under Respondent number1 a companycern represented by its proprietor respondent No.2 applied to the Corporation for grant of loan and in terms of the sanction letter dated 16.10.1992 a sum of Rs.7,48,000/ was sanctioned.
The loan was to be repaid in 8 years, to be companynted from the date of execution of the mortgage deed.
The request was accepted and reschedulement was done.
District Judge, Ambala affirming them were upheld.
The repayment of the loan was to be made in 15 half yearly instalments.
Said repayment was to companymence within 13 months from the first disbursement of the loan.
Apart from the repayment of principal amount, the respondents were required to pay, inter alia, interest which became due along with the respective instalment towards the principal amount.
3801/2000 whereby judgment and decree in Civil Suit number 86 of 1995 instituted before the Civil Judge Senior Division , Ambala and judgment and decree in Civil Appeal number37 of 1998 before the Addl.
The request was again accepted.
Thereafter on 1.9.1994 Rs.1,24,409/ fell due.
As in the past, the respondent defaulted in making the payment of the said instalment.
The first 13 instalments of payment were to be of Rs.50,000/ each and the last two instalments were to be of Rs.49,000/ each, towards principal.
Notwithstanding such change in the schedule of payments, respondent did number make any payment.
Respondents filed the suit seeking a decree for permanent injunction restraining the Corporation and its functionaries from auctioning the unit of the respondents which was seized by the Corporation.
Thereafter on 1.3.1995 an instalment of Rs.1,31,046/ fell due.
ARIJIT PASAYAT, J. Haryana Financial Corporation hereinafter referred to as Corporation assails judgment dated 6.10.2000 of the Punjab and Haryana High Court in regular second appeal No.
