JUDGMENT

K. S. Radhakrishnan, J.-Leave granted.

2. Common questions arise for consideration in both these appeals and hence we are disposing of both the appeals by a common judgment.

3. We are, in these appeals, called upon to consider the question whether the Division Bench of the Orissa High Court was justified in directing Orissa State Financial Corporation (OSFC) and Industrial Promotion and Investment Corporation of Odisha Ltd. (IPICOL) to offer afresh the benefit of One-Time Settlement Scheme (OTS) to M/s Hotel Torrento Limited, 1st respondent herein, which had earlier been offered vide communications’ dated 18.3.2006 and 3.4.2006, but was not availed off by complying with the terms and conditions stipulated therein. The further question is whether the High Court was right in ordering dispossession of the appellant (auction purchaser) and put 1st respondent back in possession.

4. This case has a chequered history, therefore, it is necessary to examine the facts at some length to appreciate the real controversy between the parties and to reach a proper and just decision, on facts as well as on law. OSFC, 2nd respondent herein, disbursed a term loan of Rs.51,27,200/- and loan