Punjab State Industrial Development ... vs Chadha Papers Ltd.

The Punjab and Haryana High Court addressed the appeal by PSIDC regarding the recovery of dues from Northland Sugar Complex Ltd. under Section 29 of the State Financial Corporations Act, 1951. The court held that the respondent's offer of Rs. 15.50 crores as a one-time settlement was adequate to resolve all claims, stipulating a payment schedule. The court emphasized that failure to comply with the payment terms would allow PSIDC to reclaim the property, affirming the ownership rights under Section 29 of the Act.