JUDGMENT

P. Venkatarama Reddi, J.-Aggrieved by the common order dated August 5, 1998 passed by the Division Bench of High Court at Calcutta in APO No. 21 of 1994 (related to Company Petition No. 90 of 1992) and GA No. 811 of 1997 (arising out of Writ Petition No. 383 of 1997), the present appeals have been preferred by the State of West Bengal after obtaining special leave. The order in question has been purportedly passed in exercise of two jurisdictions -one under the Companies Act and the other under Writ jurisdiction. In sum and substance, the High Court set aside the order of the State Government rejecting the 2nd Respondent Company s application for exemption under Section 20 of the Urban Land (Ceiling and Regulation) Act (hereinafter referred to as the ULC Act ), directed the Special Officer, appointed by the Court to transfer and hand over the vacant possession of 300 cottahs of land declared surplus under the ULC Act to the 6th respondent on receipt of Rs. 3.90 crores and laid down the modalities of utilization of the said amount for the revival of the 2nd Respondent-Company.

2. The case has a long history. Certain essential facts need narration to come to the grips of t