- (1.) THE present writ petition has been preferred by the petitioner against the impugned order dated 10-1-2002, passed by the Managing Director, Bihar State Financial corporation, Patna (respondent No. 2)vide which the initial amount of Rs. 5,00,000/- and Rs. 50,000/-, deposited by the petitioner towards the earnest money, was forfeited. The petitioner has also prayed for a restraint order against the respondents for restraining them to hand over the assets of m/s. Aren Chemicals (Pvt.) Ltd. in favour of respondent No. 4.
(2.) THE facts, in brief, are summarized as under : one M/s. Aren Chemicals Pvt. Ltd. (hereinafter referred to as "the loanee") was sanctioned a term loan of Rs. 12. 25 lakhs in the year 1974 out of which Rs. 11. 90 lakhs was disbursed. The company committed default in making repayment and accordingly notices were issued under Section 29 of the state Financial Corporation Act, 1951. Upon receiving no response to the notice under section 29 the unit was advertised for auction sale and the same, was published in daily newspaper Hindustan Times on 25-2-1995 and in Prabhat Khabar on 25-3-1995. In response to the said advertisement the respondent corporation received two tenders, first from Shri Asliok Kumar Sinha, the petitioner herein, on 1-6-2000 and the second tender was received on 26-2-2000 from one M/s. Rishav of Circular Road, ranchi. They participated, in the tender and deposited Rs. 50,000/- earnest money as per the conditions stipulated and the petitioner was declared the highest bidder and the bid amount was settled at Rs. 65. 50/- lakhs'and the tender was accordingly opened on 29-8-2000 in the Office Chamber of the Managing director of the respondent Corporation. W. P. (Cl No. 561 of 2002 in this writ petition the petitioner (loanee)has prayed for issuance of a writ in the nature of certiorari to quash/cancel rescind the order dated 4-10-2001 passed by respondent no. 1, the Managing Director, b. S. F. C. whereby and whereunder he had ordered for auction sale of the mortgaged hypothecated assets of M/s. Aren Chemical ptd. Ltd. , H. B. Road, Ranchi. The petitioner is the Managing Director of Aren Chemical (loanee) who committed default in making repayment and accordingly notices were issued under Section 29 of the State Financial corporation Act followed by auction sale in the year 1995 itself. In the instant writ petition a prayer has also been made for issuance of restraint order against respondents from interfering with the assets of the industry in question. The present writ petition has been filed after the entire auction sale has been completed.
(3.) THE aforesaid two writ petitions are being disposed of by this common order.;