IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH LPA No. 652 of 2011 (O&M) Date of decision: 18.8.2011 Punjab State Industrial Development Corporation ….. Appellant vs. Saroj Sharma and another …..Respondents CORAM: - HON’BLE MR. JUSTICE HEMANT GUPTA HON’BLE MR. JUSTICE VIJENDER SINGH MALIK Present: - Mr. Vikas Mohan Gupta, Advocate for the appellant. HEMANT GUPTA, J Present appeal is directed against an order passed by learned Single Judge on 30.9.2010, whereby the writ petition was allowed challenging the action of the appellant proposing to sell the property in exercise of the powers under Section 29 of the State Financial Corporation Act, 1951 (for short the ‘Act’). The respondent herein has stood surety to the loan advanced to the Company. The property of the surety is sought to be recovered in exercise of the powers conferred under Section 29 of the Act. Learned Single Judge allowed the writ petition relying upon the judgment of Hon’ble the Supreme Court in Karnataka State Financial Corporation vs. N. Narasimahaiah and ors (2008) 5 SCC, 176. It has been held therein, that under Section 29 of the Act, the Corporation has LPA No. 652 of 2011 a right to take over the management or possession or both of the industrial concern. But it does not confer any right in respect of properties of the surety. In view of the aforesaid judgment, we do not find that there is any illegality or irregularity in the order passed by learned Single Judge on 30.9.2010. Dismissed. (HEMANT GUPTA) JUDGE (VIJENDER SINGH MALIK) JUDGE 18.8.2011 preeti 2