IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.11802 of 2009 M/S INDIA FOOD PRESERVATION IN Versus BIHAR STATE FINANCIAL CORPORAT ----------- 2 11.9.2009 Heard the learned counsel for the petitioner and the Bihar State Financial Corporation. The petitioner prays for quashing the Memo No.81/Z- 11/2009- 2010, dated 24.6.2009 whereby the mortgaged assets of the petitioner being M/S. India Food Preservation Industries, Dhrubgama, in the District of Samastipur, is being sold to one Smt. Vibha Kumari, who is not a party herein for a sum of Rs.6,51,000/- .The petitioner states that the aforesaid Vibha Kumari, in fact, made an agreement with him on 26.1.2008 to purchase the aforesaid mortgaged property for a sum of Rs.8,25,000/-. The respondent no.2 by the impugned order has approved the sale of the hypothecated assets only for a sum of Rs.6,51,000/- against auction sale notice published under section 29 of the S.F.C.Act 1951. Learned counsel for the Corporation states that para 3 of the order of M.D., BSFC provides that the original promoter(s) of the unit may retain the assets on matching terms and conditions. The promoters, if they so agree may pay the consideration amount, and submit a suitable repayment plan for the difference of consideration price and the balance outstanding as on date of payment as well. The petitioner states that he is willing to pay more 2 than seven lacs at a go, which is more than the disputed amount offered by Smt. Vibha Kumari, with whom the Corporation entered into an agreement on 26.1.2008. After hearing the learned counsel for the parties this Court observes that if the petitioner files an application before respondent no.2, the Board of Directors of B.S.F.C., with the aforesaid proposal and willingness to pay the matching amount within two weeks from today, with a copy of this order, the latter would dispose of the application after hearing Mrs. Vibha Kumari W/o Shri Santosh Kumar Singh, resident of Rajput Colony, Karamganj, Laheriasarai, Darbhanga, within four weeks thereof. In the meantime, status quo as of today would be maintained for four weeks. Anilkrsinha (Samarendra Pratap Singh, J.)