CWP No. 17042 of 2008 1 In the High Court of Punjab and Haryana at Chandigarh CWP No.17042 of 2008 Date of Decision: 25.09.2008 M/s Tirgun Auto Plast Pvt. Ltd. ...... Petitioner Versus Punjab Financial Corporation and others ...... Respondents Coram: Hon'ble Mr. Justice Adarsh Kumar Goel Hon'ble Mr. Justice Ajay Tewari 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? Present: Mr.D.S.Kamra, Advocate for the petitioner. **** Ajay Tewari, J. The prayer in this petition is for quashing the initiation of proceedings under Section 32-G of the State Financial Corporations Act, 1951 (hereinafter referred to as 'the Act') vide notice dated 31.1.2008. The petition discloses a convoluted factual matrix but the essential dispute raised by the petitioner arises from his allegation with regard to the validity of enhancement of rate of interest by the Small Industries Development Bank of India because, as per learned counsel for the petitioner, it is on account of its arbitrary enhancement of interest rate that the petitioner is in default of repayment. In addition there are also allegations regarding invalidity of the action of the respondent-Corporation CWP No. 17042 of 2008 2 in invoking Section 29 of the Act as well as the subsequent sale of the mortgaged property. It is not disputed that the petitioner had filed Civil Suit on the same allegations, RSA arising out of which is still pending. In the face of this, learned counsel for the petitioner argued that the impugned notice is not in issue in the said litigation but was not able to deny that the said notice is consequential to the actions of the respondents which have been challenged in the civil litigation and that this petition cannot be decided without adjudicating those issues. In our opinion petitioner cannot maintain this petition in view of the facts noticed above. The same is accordingly dismissed with no order as to costs. (AJAY TEWARI) JUDGE (ADARSH KUMAR GOEL) JUDGE September 25, 2008 sunita