In a landmark pronouncement of the Delhi High Court, a Division Bench of Justice Gita Mittal & Justice PS Teji has dismissed an appeal filed by The Pradeshiya Industrial & Investment Corporation of UP Ltd (PICUP) holding it as being”completely devoid of factual or legal merit.” Briefly, a property was mortgaged with PICUP by M/s Pacquik Industries Ltd. Another creditor of Pacquik Industries, one Sh. Darshan Khurana offered to make the payment of the OTS amount of about Rs. 2.20 Crores, on the behalf of Pacquik Industries to PICUP to have the title deeds of the property released to him to secure his interest. This request of Pacquik and Sh. Darshan Khurana was conveyed to PICUP vide letters, courier and facsimile communication. The management of PICUP, internally, objected to the title deeds being released to a third party, however chose to remain silent and accepted the amount, instead of conveying their decision either to Pacquik or Sh. Darshan Khurana. The entire hierarchy of...