Anand Byrareddy J.—These petitions are heard together and are disposed of by this common order as the issues that arise for consideration are common to all cases.

2. The Petitioner in all the petitions is Karnataka State Industrial Investment and Development Corporation Limited (hereinafter referred to as 'the KSIIDC'), it is a financial Corporation as defined under the State Financial Corporations Act, 1951 (hereinafter referred to as 'the Act').

3. The common Respondents represent the Government of India and the Department of customs.

4. The other Respondents are entities whose units have been taken over by the Petitioner and certain third parties who intend to purchase assets brought to sale in terms of Section 29 of the Act, by the Petitioner.

5. The facts in each petition are briefly stated here before considering the issues that arise;

In Writ Petition No. 17111/2001, the facts are as follows;

Respondent No. 3, a private limited company obtained financial assistance from the Petitioner to set up an Industry to manufacture electronic toys. The said company obtained an import licence as a 100% export oriented unit (EOU). The Petitioner had granted to Respondent No. 3 a term loan