{"id":111554,"date":"2007-12-14T00:00:00","date_gmt":"2007-12-13T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007"},"modified":"2016-11-04T22:12:10","modified_gmt":"2016-11-04T16:42:10","slug":"ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007","title":{"rendered":"M\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007"},"content":{"rendered":"
Supreme Court of India<\/div>\n
M\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007<\/div>\n
Author: S Sinha<\/div>\n
Bench: S.B. Sinha, Harjit Singh Bedi<\/div>\n
           CASE NO.:\nAppeal (civil)  2707-2708 of 2003\n\nPETITIONER:\nM\/s. Everest Wools Pvt. Ltd. and others.\n\nRESPONDENT:\nU.P. Financial Corporation and others\n\nDATE OF JUDGMENT: 14\/12\/2007\n\nBENCH:\nS.B. SINHA & HARJIT SINGH BEDI\n\nJUDGMENT:\n<\/pre>\n
JUDGMENT<\/p>\n
S.B. SINHA, J.\n<\/p>\n
1.\tApplication of Section 29 of the State Financial Corporations Act,
\n1951 (the 1951 Act) vis-`-vis the Uttar Pradesh Public Moneys (Recovery
\nof Dues) Act, 1972 (the 1972 Act) is in question in these appeals which
\narise out of a common judgment and order dated 29th September, 1999
\npassed by a Division Bench of the High Court of Judicature at Allahabad in
\nCivil Misc. Writ Petition Nos. 41848 and 34059 of 1999.\n<\/p>\n
2.\tBefore embarking on the questions raised at the bar, we may notice
\nthe basic fact of the matter.\n<\/p>\n
3.\tM\/s. Everest Wools Pvt. Ltd. of which Pradeep Kumar Agrawal is a
\nManaging Director took loan from the U.P. State Financial Corporation
\n(Corporation).  The company applied for re-scheduling of the loan and the
\nsame was granted.  Appellant company intended to expand their unit.  It
\napplied for grant of loan to the respondent No.3, the Pradeshiya Industrial
\nand Investment of U.P. Ltd. (PICUP).  Rs. 47 lacs was sanctioned by it.  A
\nsum of Rs. 41.60 lakhs was disbursed to it by March, 1992.  Some other
\namount was also disbursed by way of State Capital Investment Subsidy by
\nthe Government.\n<\/p>\n
4.\tInter alia on the premise that the appellant-company had purchased
\nsome plants and machinery worth Rs.6.75 lacs from one of their financed
\nunits namely M\/s. Uttrakhand Woolen Yarn Udyog Pvt. Ltd. and obtained
\nfinancial assistance from PICUP, a notice was issued by U.P. State Financial
\nCorporation to the appellant asking for its response thereto failing which it
\nwas threatened that action under Section 29 of the 1951 Act would be taken.
\nAn explanation, pursuant thereto, was submitted.  However, entire loan was
\nrecalled inter alia on the premise that the company had committed defaults
\nin paying the instalments.  Some letters were exchanged between the parties.
\nHowever, it appears that PICUP authorized U.P. State Financial Corporation
\nto act as its agent as both of them are premium financial institutions of the
\nState of U.P.   A representation was again made by the appellants before the
\nFinancial Corporation for adjusting the over-due amount which was not
\nacceded to.  In exercise of its powers under Section 29 of the 1951 Act
\npossession of the assets of the appellant company was taken over by the U.P.
\nState Financial Corporation.  A First Information Report was also lodged in
\nrespect of the purported purchase of plant and machinery by the appellant
\ncompany from M\/s. Uttrakhand Woolen Yarn Udyog Pvt. Ltd.  On enquiry,
\nthe allegations against the appellant company were not found to be correct;
\nwhereafter a request was made by the appellant company to the Financial
\nCorporation as also PICUP for handing over the possession of the unit to it
\nas also for waiver of interest etc.  PICUP, however, invoked the guarantees
\nexecuted by the Directors of the appellant company.  A recovery citation
\nwas also issued.\n<\/p>\n
5.\tHowever, in the meantime some machinery parts were found to be
\nmissing, although security guards had been posted in the said factory.
\nValuation thereof was made and a sum of Rs.45,000\/- was credited to the
\naccount of the appellant-company.  Again some theft took place.\n<\/p>\n
6.\tTwo writ petitions were filed, one by the company and three others,
\nincluding Vinod Kumar Agrawal, (CMWP No. 34059 of 1999) and the other
\nby Vinod Kumar Agrawal  (CMWP No. 41849 of 1999).  In the said writ
\npetitions following reliefs were prayed for :-\n<\/p>\n
     IN CMWP \tNo. 34059\/1999.\n<\/p>\n
a.\tto issue a writ, order or direction in the nature of
\ncertiorari quashing the impugned personal recovery
\ncertificate dated 31.07.1999 (Annexure 12) passed by
\nrespondent No.1.\n<\/p>\n
b.\tto issue a writ, order or direction in the nature of
\nmandamus restraining the respondents from recovering
\nthe loan from the petitioners in pursuance of impugned
\npersonal recovery certificates dated 31.07.1999
\n(Annexure 12).\n<\/p>\n
c.\tto issue a writ, order or direction in nature of ad interim
\nmandamus staying operation of the impugned recovery
\ncitation dated 31.07.1999 (Annexure 12) issued by
\nrespondent no.5 against the petitioners.\n<\/p>\n
d.\tto issue a writ, order or direction in the nature of
\nmandamus directing the respondent not to take any
\ncoercive methods against the petitioners such as arrest,
\nattachment\/sale of their moveable and immoveable
\nproperties.\n<\/p>\n
e.\tto issue any other suitable order or directions as this
\nHonble Court may deem fit and proper in the
\ncircumstances of the case.\n<\/p>\n
f.\tto award cost of this petition. <\/p>\n
     IN CMWP \tNo. 41848\/1999\n<\/p>\n
i)\tissue a writ, order or direction in the nature of certiorari
\nquashing the impugned recovery citation dated 31.07.99
\n(Annexure No.14) passed by the respondent no.1.\n<\/p>\n
ii) \tissue a writ, order, direction in the nature of mandamus
\nrestraining the respondent from recovering the loan from
\nthe petitioner in pursuance of impugned personal
\nrecovery citation dated 31.07.99 (Annexure 14).\n<\/p>\n
iii)\tissue a writ, order or direction in nature of ad interim
\nmandamus staying operation of the impugned recovery
\ncitation dated 31.07.99 issued by the respondent no.4
\nagainst the petitioner.\n<\/p>\n
iv)\tissue a writ, order or direction in the nature of mandamus
\ndirecting the respondent not to take any coercive method
\nagainst the petitioner such as arrest, attachment\/sale of
\ntheir moveable and immoveable properties.\n<\/p>\n
v)\tissue any other suitable writ, order or directions as this
\nHonble Court may deem fit and proper in the
\ncircumstances of the case.\n<\/p>\n
vi)\tissue writ, order or direction in the nature of mandamus
\ndirecting the respondents Nos. 1 and 2 to hand over the
\nphysical possession of the unit as per the conditions of
\n30.11.98.\n<\/p>\n
vii)\tAward cost of this petition to the petitioner against the
\nrespondents. <\/p>\n
7.\tWhereas in the former only direction for stay of recovery proceedings
\nwas prayed for but in the writ petition filed by Vinod Kumar Agrawal
\nrecovery of possession of the unit was also prayed for.\n<\/p>\n
8.\tBy reason of the impugned judgment, a Division Bench of the High
\nCourt, without going into the questions involved therein, inter alia, on a
\nfinding that the appellants had been trying to evade payment of the amounts
\nunder the personal guarantee bonds, which had been invoked by the PICUP,
\nthe recovery proceedings initiated by it cannot be stopped, dismissed the
\nwrit petition.\n<\/p>\n
9.\tDuring the pendency of the appeals before this Court, an
\nadvertisement for sale of the unit was issued by the U.P. State Financial
\nCorporation.  An order of stay was passed on 15th November, 2002 by this
\nCourt restraining the respondent for finalizing the sale.  By an order dated
\n31st March, 2003, on an oral prayer made on behalf of the appellants, this
\nCourt directed the respondents to permit the to have inspection of the plant
\nand machinery and take photographs thereof, pursuant whereto an inspection
\nwas made and it was found as of fact that not only some plants and
\nmachinery were missing but the plant and machinery were also not being
\nmaintained.\n<\/p>\n
10.\tIn its order dated 23rd April, 2007, this Court noticed that an inventory
\nof the plants and machinery had been prepared at the time when possession
\nof properties belonging to the appellants had been taken over.  Having
\nregard to the interest of the parties, a fresh inventory was directed to be
\nmade by a judicial officer, who was to be nominated by the District Judge,
\nDehradun.  One Mr. Manish Mishra, 1st   Additional Civil Judge (Senior
\nDivision), Dehradun was nominated for the said purpose, He submitted his
\nreport which speaks for itself.\n<\/p>\n
11.\tThe Corporation, however, contended that value of the machinery
\nmissing would be of not much significance.\n<\/p>\n
12.\tSubmission of Mr. S.K. Verma, learned counsel appearing on behalf
\nof the appellants, is that the provisions of Section 29 of the 1951 Act have
\nbeen misused in the instant case.  It was contended that the action, on the
\npart of the respondents, in recalling the loan and in taking over possession of
\nthe running unit was neither fair nor reasonable.  Taking recourse to
\ninvocation of the personal guarantees of the Directors of the Company for
\nrecovery of the loan amount was, it was urged, totally illegal.\n<\/p>\n
13.\tMr. Shrish Kumar Misra, learned counsel appearing on behalf of the
\nCorporation and Mr. Aarohi Bhalla, learned counsel appearing for PICUP,
\non the other hand, would submit that in terms of the provisions of the 1951
\nAct as also 1972 Act, they were not only entitled to take possession of the
\nproperties under Section 29 of the 1951 Act but were also entitled to invoke
\nthe guarantees furnished by the Directors of the company.  It was submitted
\nthat possession of the respondents in relation to the plant and machinery was
\nthat of a bailee and as it has not been alleged that proper care thereof had
\nnot been taken  as envisaged under Section 151 of the Indian Contract Act,
\n1872, the respondents are not liable to reimburse the appellants for the loss
\nof articles.  According to the learned counsel, even for the said purpose only
\na suit would be maintainable and not a writ application.\n<\/p>\n
14.\tIn view of the order proposed to be passed by us, we do not intend to
\ndeal with all the rival contentions of the parties.\n<\/p>\n
15.\tThe High Court, in our opinion, was not correct in passing the
\nimpugned order.  The Corporation, no doubt, is entitled to realize its dues,
\nbut it must be borne in mind that it had been conferred with a special
\nstatutory power in terms of Section 29 and 31 of the Act of 1951 therefor.
\nSuch a power in the Corporation was conferred by an Act of Parliament,
\ninter alia, keeping in view the fact that it being a statutory authority and,
\nthus, being a State within the meaning of Article 12 of the Constitution of
\nIndia, will act fairly and reasonably.  The entire loan was recalled  not only
\nbecause the appellants were defaulters but also on the allegation that they
\nhad purchased second hand plant and machinery from another financial
\ninstitution in breach of the contract, which having been found to be wholly
\nincorrect, it must be held that it had acted on extraneous consideration.  So
\nfar as the PICUP is concerned, it was bound to act in terms of the provisions
\nof the 1972 Act.  Whether it did so, is a question which should have been
\ngone into by the High Court.\n<\/p>\n
16.\tPower under Section 29 of the 1951 Act empowers the Corporation to
\ntake recourse to either :-\n<\/p>\n
(1)\ttake over the possession of the plant and machinery ;
\n(2)\ttake over management of an on going concern ; and
\n(3)\tsell the property pledged, mortgaged, hypothecated or assigned
\nto it.\n<\/p>\n
 \tWhen it takes over possession of the plant and machinery in exercise
\nof its statutory power, apart from its obligation as a bailee, it also acts as a
\ntrustee.  Its   action otherwise must be fair and reasonable.  It is true that
\nfairness cannot be a one way street, but then whereas the Corporation
\nindisputably has a right to realize its dues, it must act strictly in terms of the
\nstatutory and constitutional Scheme.  If it acts unfairly, it fails the system.
\nWhile it exercised its enormous statutory power, it is expected perform its
\nduties also.  Such a duty is envisaged not only under the law but also under
\nArticle 14 of the Constitution of India.  A person aggrieved by the action of
\nthe State must have an effective remedy.  The purpose of taking over
\npossession and that too of an on-going concern, without taking over the
\nManagement, would be to sell the unit.  A buyer may like to purchase the
\non-going concern.  If the plant and machinery are kept in order and in a
\nworking condition they would fetch one price but if the machinery are stolen
\nor allowed to rust, the same would not.\n<\/p>\n
17.\tFor taking recourse to sale of the unit and in a case of this nature
\nwhere the possession of the plant and machinery had been taken of an on-
\ngoing concern, an extra care on the part of the authorities of the Financial
\nCorporation was expected.  We do not know whether immediate steps for
\nsale of the properties had been taken or not.  It is stated that some
\nadvertisements were issued, but why a running concern could not be sold is
\na matter which requires a deeper scrutiny.\n<\/p>\n
18.\tWe are also not aware whether PICUP invoked personal guarantees of
\nthe Directors in contravention of the 1972 Act.  We have noticed the
\ncontroversy between the parties in regard to the theft of the properties and
\nthe valuation thereof.  We do not know if any step had been taken by the
\nCorporation against the officials or the security guards who were found to be
\nresponsible therefor.   We are even not aware as to whether a criminal case
\nhad been initiated in that behalf or not.\n<\/p>\n
19.\tWe, therefore, keeping in view the aforementioned factual matrix, are
\nof the opinion that interest of justice would be met if the impugned judgment
\nis set aside and the matters are remitted to the High Court for its
\nconsideration afresh.   As technicalities may come in the way of the High
\nCourt for grant of proper reliefs in favour of the appellants, in the event they
\nare found entitled thereto, we grant liberty to them to amend writ petitions
\nsuitably.  Parties may bring on records subsequent events also by filing
\nadditional affidavits.\n<\/p>\n
20.\tIn the peculiar facts and circumstances of the case, the High Court is
\nrequested to consider all aspects of the matter and pass appropriate order(s)
\nas it may seem fit and proper.\n<\/p>\n
21.\tFor the aforementioned purpose subsequent events should also be
\ntaken into consideration including the report of the learned Civil Judge and
\nthe replies filed thereagainst.  As the matter is pending for a long time, the
\nHigh Court may consider the desirability of the disposal of the same as
\nexpeditiously as possible.\n<\/p>\n
22.  \tThe appeals are allowed on the aforesaid terms.  However, keeping in
\nview the facts and circumstances of the case, there shall be no order as to
\ncosts.<\/p>\n","protected":false},"excerpt":{"rendered":"
Supreme Court of India M\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007 Author: S Sinha Bench: S.B. Sinha, Harjit Singh Bedi CASE NO.: Appeal (civil) 2707-2708 of 2003 PETITIONER: M\/s. Everest Wools Pvt. Ltd. and others. RESPONDENT: U.P. Financial Corporation and others DATE OF JUDGMENT: 14\/12\/2007 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-111554","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"\nM\/S. Everest Wools Pvt. Ltd. And ... vs U.P. Financial Corporation And ... on 14 December, 2007 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"M\/S. Everest Wools Pvt. Ltd. And ... vs U.P. Financial Corporation And ... on 14 December, 2007 - Free Judgements of Supreme Court & High Court | Legal India\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\" \/>\n<meta property=\"og:site_name\" content=\"Free Judgements of Supreme Court & High Court | Legal India\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"2007-12-13T18:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-11-04T16:42:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg?fit=512%2C512&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@legaliadmin\" \/>\n<meta name=\"twitter:site\" content=\"@Legal_india\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\"},\"author\":{\"name\":\"Legal India Admin\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\"},\"headline\":\"M\\\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007\",\"datePublished\":\"2007-12-13T18:30:00+00:00\",\"dateModified\":\"2016-11-04T16:42:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\"},\"wordCount\":2311,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#organization\"},\"articleSection\":[\"Supreme Court of India\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\",\"name\":\"M\\\/S. Everest Wools Pvt. Ltd. And ... vs U.P. Financial Corporation And ... on 14 December, 2007 - Free Judgements of Supreme Court & High Court | Legal India\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#website\"},\"datePublished\":\"2007-12-13T18:30:00+00:00\",\"dateModified\":\"2016-11-04T16:42:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"M\\\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#website\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/\",\"name\":\"Free Judgements of Supreme Court & High Court | Legal India\",\"description\":\"Search and read the latest judgements, orders, and rulings from the Supreme Court of India and all High Courts. A comprehensive database for lawyers, advocates, and law students.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#organization\"},\"alternateName\":\"Free judgements of Supreme Court & High Court of India | Legal India\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#organization\",\"name\":\"Judgements of Supreme Court & High Court | Legal India\",\"alternateName\":\"Legal India\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/09\\\/legal-india-icon.jpg\",\"contentUrl\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/09\\\/legal-india-icon.jpg\",\"width\":512,\"height\":512,\"caption\":\"Judgements of Supreme Court & High Court | Legal India\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/LegalindiaCom\\\/\",\"https:\\\/\\\/x.com\\\/Legal_india\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\",\"name\":\"Legal India Admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"caption\":\"Legal India Admin\"},\"sameAs\":[\"https:\\\/\\\/www.legalindia.com\",\"https:\\\/\\\/x.com\\\/legaliadmin\"],\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/author\\\/legal-india-admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"M\/S. Everest Wools Pvt. Ltd. And ... vs U.P. Financial Corporation And ... on 14 December, 2007 - Free Judgements of Supreme Court & High Court | Legal India","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007","og_locale":"en_US","og_type":"article","og_title":"M\/S. Everest Wools Pvt. Ltd. And ... vs U.P. Financial Corporation And ... on 14 December, 2007 - Free Judgements of Supreme Court & High Court | Legal India","og_url":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007","og_site_name":"Free Judgements of Supreme Court & High Court | Legal India","article_publisher":"https:\/\/www.facebook.com\/LegalindiaCom\/","article_published_time":"2007-12-13T18:30:00+00:00","article_modified_time":"2016-11-04T16:42:10+00:00","og_image":[{"width":512,"height":512,"url":"https:\/\/i0.wp.com\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg?fit=512%2C512&ssl=1","type":"image\/jpeg"}],"author":"Legal India Admin","twitter_card":"summary_large_image","twitter_creator":"@legaliadmin","twitter_site":"@Legal_india","twitter_misc":{"Written by":"Legal India Admin","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#article","isPartOf":{"@id":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007"},"author":{"name":"Legal India Admin","@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea"},"headline":"M\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007","datePublished":"2007-12-13T18:30:00+00:00","dateModified":"2016-11-04T16:42:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007"},"wordCount":2311,"commentCount":0,"publisher":{"@id":"https:\/\/www.legalindia.com\/judgments\/#organization"},"articleSection":["Supreme Court of India"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007","url":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007","name":"M\/S. Everest Wools Pvt. Ltd. And ... vs U.P. Financial Corporation And ... on 14 December, 2007 - Free Judgements of Supreme Court & High Court | Legal India","isPartOf":{"@id":"https:\/\/www.legalindia.com\/judgments\/#website"},"datePublished":"2007-12-13T18:30:00+00:00","dateModified":"2016-11-04T16:42:10+00:00","breadcrumb":{"@id":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalindia.com\/judgments\/ms-everest-wools-pvt-ltd-and-vs-u-p-financial-corporation-and-on-14-december-2007#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalindia.com\/judgments\/"},{"@type":"ListItem","position":2,"name":"M\/S. Everest Wools Pvt. Ltd. And … vs U.P. Financial Corporation And … on 14 December, 2007"}]},{"@type":"WebSite","@id":"https:\/\/www.legalindia.com\/judgments\/#website","url":"https:\/\/www.legalindia.com\/judgments\/","name":"Free Judgements of Supreme Court & High Court | Legal India","description":"Search and read the latest judgements, orders, and rulings from the Supreme Court of India and all High Courts. A comprehensive database for lawyers, advocates, and law students.","publisher":{"@id":"https:\/\/www.legalindia.com\/judgments\/#organization"},"alternateName":"Free judgements of Supreme Court & High Court of India | Legal India","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalindia.com\/judgments\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalindia.com\/judgments\/#organization","name":"Judgements of Supreme Court & High Court | Legal India","alternateName":"Legal India","url":"https:\/\/www.legalindia.com\/judgments\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/logo\/image\/","url":"https:\/\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg","contentUrl":"https:\/\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg","width":512,"height":512,"caption":"Judgements of Supreme Court & High Court | Legal India"},"image":{"@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalindiaCom\/","https:\/\/x.com\/Legal_india"]},{"@type":"Person","@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea","name":"Legal India Admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","caption":"Legal India Admin"},"sameAs":["https:\/\/www.legalindia.com","https:\/\/x.com\/legaliadmin"],"url":"https:\/\/www.legalindia.com\/judgments\/author\/legal-india-admin"}]}},"modified_by":null,"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/posts\/111554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/comments?post=111554"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/posts\/111554\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/media?parent=111554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/categories?post=111554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/tags?post=111554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}