THE HON’BLE SRI JUSTICE NOUSHAD ALI W.P.No.13621 of 2011 ORDER : Heard and with the consent of the counsel, this Writ Petition is disposed of at the stage of admission. This Writ Petition has been filed to declare the action of the respondents in invoking Section 32-G of the State Financial Corporation Act, 1951 read with Section 27 of A.P. Revenue Recovery Act and a notification of attachment dated 20-09-2010 whereby the property bearing plot No.670 situated at Sahebnagar, Khurd Village of Ranga Reddy District has been attached, as illegal and consequently to direct the respondents to return the original sale deed document No.235/1983 to the petitioner free from all encumbrances. The petitioner claims that he worked as Executive Managing Director of M/s.Rekha Gondawana Granite Products Private Limited and resigned on 30-01-1993. It is stated that during his tenure, the respondents 1 and 2 sanctioned loan for a sum of Rs.71.82 lakhs and respondent No.3 sanctioned a loan of Rs.24.46 lakhs, in total Rs.96.28 lakhs. The petitioner stood as a surety by executing personal guarantee on 01-07-1992. Subsequent to his resignation, the company changed its name as Castlerock Granite Private Limited from 14-10-1993 headed by Chairman and Managing Director one, Sri Vinay R.Somani and 2 other Directors. The petitioner states that after his resignation, he was never associated with M/s.Rekha Gondwana Granite Products Private Limited, but the respondents fraudulently came to possess a sale deed executed in favour of the petitioner in respect of his house property situated at Sahebnagar, Khurd Village, Hayathnagar Mandal. It is stated that ever since his resignation on 30-01-1993, he had nothing to do with the loans advanced nor he acknowledged the debts, therefore the personal guarantee executed by him lapsed and has become time barred. The petitioner also states that the plant and machinery were seized on 05-04-1994 invoking Section 29 of the State Financial Corporation Act and reckoning from the said date also the debt has become time barred. He therefore submits that the debt is not recoverable as it has become time barred, thus filed this Writ Petition for the aforesaid relief. Sri M.S.Ramachandra Rao, learned standing counsel takes notice for Respondents 1 and 2 and concedes the case of the petitioner and submits that the debt has time barred. He therefore submits that the Writ Petition be allowed as sought for. In view of the statement of the learned standing counsel conceding the case of the petitioner, the Writ Petition is allowed in terms of the relief sought for. No costs. ________________ NOUSHAD ALI, J. 30th April, 2011. Nn