1. This Court issued rule nisi on 19-4-2007.

2. Counter affidavits, additional affidavits and reply affidavits were filed and written arguments also were submitted in addition to the submissions made by the respective Counsel in open Court. Certain subsequent events also were brought to the notice of the Court and apart from the material papers initially placed, additional material papers as well had been placed before this Court.

3. M/s.Ghanta Infrastructure Limited, a Company incorporated under the provisions of the Companies Act, represented by its Director Sri M.Raghuveer, filed the present Writ Petition for a Writ of Mandamus declaring the proceedings ARG-II/PJ/FY07/04568 dated 12-12-2006 and the consequential proceedings ARG 1/PJ/FY07/04730 dated 22-12-2006 of the 1st respondent as illegal, arbitrary and violative of Article 14 of the Constitution of India and consequently to direct the 1st respondent to accept the bid of the petitioner in respect of the business and assets of the 3rd respondent and to pass such other suitable orders.

4. The 1st respondent is Asset Reconstruction Company (India) Ltd., (in short hereinafter referred to as "ACRIL"). The 2nd respondent is