Orissa Court September 2011 Judgments

Gobinda Chandra Sahoo Vs. Orissa State Financial Corporation and Other ...

Court: Orissa

B.P. DAS, J. 1. The petitioner, who is the Managing Director of M/s.B.L. Roller Flour Mill (P) Ltd., has filed this writ petition with a prayer to direct the Orissa State Financial Corporation (hereinafter called “the Corporation”) to consider the application filed by him for settlement of the loan account under the O.T.S. Scheme, 2007 and to declare the sale of the land and building of the said industrial unit effected by the Corporation in favour of O.P.4 by letter dated 22.2.2007 (Annexure-6) as illegal. 2. The case of the petitioner, in short, is that he established the aforesaid Roller Flour Mill at Chandanpur in Puri district with the financial assistance provided by the Corporation by sanctioning a term loan of Rs.75.00 lakhs as per the sanction order dated 3.8.1999, vide Annexure-1. Due to default in re-payment of the loan, the Corporation in exercise of its power under Section 29 of the State Financial Corporations Act, 1951 seized the petitioner’s unit and t...