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TMI Blog2019 (11) TMI 1730X X X X Extracts X X X X X X X X Extracts X X X X ..... act that the right of the financial institution to sell the secured asset as per clause (2) of Tripartite Agreement dated 26th May 2015 was subject to paragraph (d) thereof. Meaning thereby, if the lessee committed default by not adhering to terms of the lease, the lease was liable to be revoked - the Petitioner, as an assignee of Dewan Housing Finance Corporation Ltd. can at best step into the sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve acquired right, title and interest of Dewan Housing Finance Corporation Ltd. under a Deed of Assignment dated 20th January 2018. The Deed of Assignment has not been filed along with the Writ Petition but that would be irrelevant. 3] The Petition admits that Maharashtra Industrial Development Corporation was the owner of parcel of land bearing No.B-11, in Dindori Industrial Area which was ini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration for the loan advanced by it to M/s. Shree Vaishnav Casting Pvt. Ltd. upon default was entitled to sell the premises in question as per clause (2) of the agreement but subject to clauses (a) to (f) thereof. Clause (d) being relevant to be noted, reads as under :- d) In the event of the Lessee committing any default or committing breach of any of the covenants and conditions of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is not a party thereto. 5] On 1st January 2018 Maharashtra Industrial Development Corporation issued a notice to M/s. Vaishav Casting Pvt. Ltd. as also to Dewan Housing Finance Corporation Ltd. informing that since condition of lease requiring building to be constructed by 19th January 2017 had been violated why action be not initiated and allotment of the plot be not cancelled. 6] Chal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause notice raising such defences as would be permissible in law. 9] By no stretch of imagination or of legal reasoning can it be said that Maharashtra Industrial Development Corporation was not entitled to issue show-cause notice which has been challenged. 10] Challenge to the show-cause notice fails. 11] The Writ Petition is dismissed. However, it is observed that as an assignee of Dewa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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