- (1.) ALL these three special appeals are directed against the common judgment dated 25-7-97 passed by the learned Single Judge of this. Court. Out of them, two appeals are filed by M/s. Chetak Electric and Iron Industries Ltd. against the Rajasthan Financial Corporation (for short, "r. F. C. " ). In these appeals, it is prayed that sale of its assets made in favour of one Ved Prakash be cancelled and the said property be directed to be re-auctioned after giving due publicity in at least two news papers having wide circulation in Rajasthan. One appeal is filed by the auction purchaser challenging the judgment of the single bench whereby auction sale has been set aside.
(2.) LEARNED single Judge upon hearing of the parties allowed the writ petitions with a direction to the petitioner to deposit the bid amount with Rajasthan Financial corporation within a period of four months, whereupon the RFC shall hand over the possession of the property to him and in case no such deposit is made, the RFC may re-auction the unit in accordance with law, after proper publication of notice in at least two newspapers having circulation in locality a well. It was further directed that the petitioner shall also be free to bring any customer for purchase of property if more price can be fetched. With these directions; auction made in favour of respondent No. 3 Ved prakash was set aside and all consequential actions taken pursuant thereto during the pendency of the petition, were quashed.
(3.) WE have heard Shri Rakesh Sinha, learned counsel for the appellant Rajasthan financial Corporation, Shri Narender Singh learned counsel appearing on behalf of m/s. Vinayak Metals and Sri S. L. Jain learned counsel appearing for the respondent M/s. Chetak Electric and Iron Industries.;