A.N. Venugopala Gowda, J.

(1) WRIT petitioner is the appellant. Questioning the order dated 27-3-2008 passed by the learned single Judge, dismissing W. P. 20360/ 2005, this appeal has been filed.

(2) THE 1st respondent is a State Financial corporation ('the Corporation' for short), established under the State Financial Corporations Act, 1951 ('the Act' for short). 2nd respondent is its Managing Director. 3rd respondent is the borrower industrial concern. The borrower committed default in repayment, on account of which, in exercise of the rights under Section 29 of the Act, the Corporation by drawing a mahajar, took possession of the industrial concern on 28-10-2003. Since the loan liability was not discharged by the borrower even thereafter, the Corporation issued an advertisement on 18-2-2004 inviting bids from the intending buyers for sale of the seized asset Industrial concern of the borrower. In response thereto, no offer was received. A second advertisement was taken out on 9-4-2004, in response to which, 4 bids ranging from Rs. 17 lakhs to Rs. 20 lakhs was received. The bidders were called for the negotiation, which ended in failure. A third advertisement was taken