Tapen Sen, J. - (1.) The petitioners, M/s. Anupam Food Private Limited are aggrieved by the sale notice (Annexure 5) In so far as it concerns the petitioner and issued by the Bihar State Credit and Investment Corporation Limited (hereinafter referred to for the sake of brevity as BICICO) under Sec. 29 of the State Financial Corporation Act, 1951 whereby and whereunder tenders and offers for sale of whole or part of the assets of the petitioner company have been invited. The petitioners have also challenged the Notice dated 4.2.2002 (Annexure 4) issued under Ss. 29 and 30 of the State Financial Corporation Act, 1951 by BICICO calling upon the petitioner to pay within seven (7) days the dues of Rs. 115.20 lacs said to be outstanding as on 13.9.2001 out of which the principal has been computed as Rs. 20.64 lacs and the interest at Rs. 94.56 lacs. The major thrust of the argument of the petitioner is that neither the BICICO which is a State of Bihar owned Corporation nor the State of Bihar can make any recovery In respect of loans or advances made prior to 15.11.2000 i.e. the appointed day on which the State of Jharkhand came into existence. Their further argument is that on and from the appointed day it is only the State of Jharkhand and/or its Corporation which can make any recovery but the State of Bihar cannot do so. These petitioners have further prayed for a declaration, declaring that so long as the assets and liabilities are not apportioned between the two successor States, i.e. the State of Bihar and Jharkhand under the provisions of Bihar Reorganisation Act, 2000, BICICO cannot initiate any action to realise the loans from the petitioner and consequently the impugned notices are premature, arbitrary and in any event totally illegal.
(2.) The petitioners have also prayed that BICICO should be restrained from finalising the sale of assets of the units of the petitioner with any person pursuant to the tenders opened on 1.3.2002 in response to the impugned sale notice as contained at Annexure -5.' They have also prayed that BICICO should be directed to disburse term loan/rehabilitation package of Rs. 41 lacs sanctioned by the Board of BICICO in its meeting held on 16.3.1998 and communicated to them vide letter dated 7.4.1998 by the Managing Director of BICICO. According to them, although the aforementioned sum of Rs. 41 lacs was sanctioned by BICICO, yet no part thereof has yet been disbursed to the petitioner.
(3.) The petitioner is a Private Limited Company having been incorporated under the provisions of Indian Companies Act on 21.1.1983. It set up a Roller Flour Mill at Deoghar for production of Maida, Suji, Atta, Bran etc. On 30.11.1986, it applied for financial assistance to the Bihar State Financial Corporation (hereinafter referred to for the sake of brevity as BSFC) for Rs. 60 lacs. By communication dated 12.1.1987, BSFC sanctioned a term loan of Rs. 53.40 lacs.;