Judgment

S.B. Sinha, J. —

1.Leave granted in both the matters.

2.Whether power of a Company Court to sell the property of a company vis-à-vis the power of the Financial Corporation can be merged is the question involved in these appeals which arise out of the Judgments and Orders dated 2nd July, 2007 and 6th July, 2007 passed in Company Appeal No. 27 of 2004 and Company Appeal No.2 of 2007 respectively passed by the Division Benches of the Delhi High Court.

3.Certain basic facts are not in dispute which are as under :

SICOM Ltd. (SICOM in short) advanced a loan of Rs.17 crores to the appellant (M/s. Bakemans Industries Pvt. Ltd.). It became a defaulter. SICOM issued a notice under Section 29 of the State Financial Corporations Act (1951 Act in short) on 22nd January, 2003. Another notice was issued for taking over possession of the properties of the sister concern of the appellant, viz. Captain Hygiene Products Ltd. Appellant and its sister concern filed two writ petitions in the Punjab and Haryana High Court at Chandigarh. They were dismissed as withdrawn on 10th February, 2003.

4.1st respondent and fourteen others filed fifteen applications before the Delhi High Court for winding up of