S.J.MUKHOPADHAYA, J. - (1.) THIS writ petition has been preferred by the petitioner for a direction on the 1st respondent Bihar Credit and Investment Ltd., Patna (hereinafter to be referred as 'BICICO ') not to hand over the assets and property of M/s. G.R. Magnates (P) Ltd., situated at Phase VII, Adityapur Industrial Area, Adityapur, Jam -shedpur since the petitioner claims to have filed a tender for purchase of the said property before the 2nd respondent Bihar State Financial Corporation, Patna (hereinafter to be referred as 'BSFC '). Further prayer has been made for a declaration that the sale of property and assets of M/s. G.R. Magnates (P) Ltd., situated at Adityapur Industrial Area, Adityapur, Jamshedpur, by BICICO is null and void, as according to the petitioner, the property belongs to BSFC regarding which tender for auction sale has been called for.
(2.) ACCORDING to the petitioner, he purchased tender paper on 8th December, 2004 from BSFC after payment of Rs. 50.00 for purchasing the property, belonging to M/s. G.R. Magnates (P) Ltd., Jamshedpur. The petitioner, thereafter, submitted tender papers alongwith the earnest money of Rs. 50.000.00 and quoted a sum of Rs. 70,00,000.00 for purchase of the property of M/s. G.R. Magnates (P) Ltd., Jamshedpur, including its land, Further case of the petitioner is that it was waiting for call from BSFC for negotiation of the price and execution of the sale deed, but having not received any intimation, approached the Managing Director, BSFC, Patna. Having been informed, it became shocked and surprised to learn that BICICO had already taken decision and sold the mortgaged assets of M/s. G.R. Magnates (P) Ltd., Jamshedpur, in favour of some other party on 31st May, 2005 itself at a price, much lower than the offer of the petitioner. Thereafter, the petitioner is stated to have requested the Industrial Development Commissioner, Patna, that it should also be given opportunity to participate in the auction sale of the assets and property of M/s. G.R Magnates (P) Ltd., Jamshedpur, but no steps having been taken and as the BICICO was found to be bent upon to favour the other party, the petitioner had no other option but to approach the Court. After the case was taken up, a prayer was made to implead one M/s. Model Heavy Fabrication Pvt. Ltd., Gamnaria, Jamshedpur as 4th respondent to the writ petitioner, since the assets and property of M/s. G.R. Magnates (P) Ltd., Jamshedpur, was auction purchased by the said respondent from BICICO, Patna. Having Received notice, the newly added 4th respondent appeared and opposed the prayer. The BICICO also appeared, opposed the prayer, made in the writ petition, and pointed out the manner in which the property, in question, was auction sold in favour of the 4th respondent. It was informed that inspite of auction notice, issued by the BICICO, Patna, the petitioner did not choose to apply to take part in the bid. The BSFC also appeared but did not oppose the contention, raised by the BICICO.
(3.) FROM the pleadings, made by the parties, it appears that M/s. G.R. Magnates (P) Ltd., Jamshedpur had taken loan from BSFC to the tune of Rs. 55,00,000.00 in October, 1986. The said Company also took loan from BICICO, Patna. M/s. G.R. Magnates (P) Ltd., Jamshedpur, thereafter, became regular defaulter in respect of both the loans taken from BSFC and BICICO. The outstanding due as on 31st August, 2004 with BSFC was Rs. 64,25,926/ -. The BSFC initially issued notice on M/s. G.R. Magnates (P) Ltd., Jamshedpur, but it having failed to clear the arrears and having defaulted in making payment of the loan, auction sale notice was issued on 19th September, 2000 in the newspaper "Hindustan Times." It appears that no person submitted any tender within time. After about four years, without any further notice, inviting tender, for auction sale of M/s. G.R. Magnates (P) Ltd., Jamshedpur, two so called tender papers were submitted before the BSFC; one by the petitioner M/s. BMW Industries Ltd., Jamshedpur, Singh -bhum East, who offered Rs. 70,00,000.00 and another by M/s. ASL Motors Pvt. Ltd., who submitted tender for Rs. 40,00,000.00 . It is not clear as to how such tender papers were accepted by BSFC.;