Nagendra Rai, J.

1. The Bihar State Financial Corporation (hereinafter referred to as the Corporation) and its officers are appellants against the judgment dated 19.5.2000 passed by the learned Single Judge, by which he has quashed the order, dated 1.4.1995 issued by the Assistant General Manager (Z-VI) of the appellant-Corporation, rejecting the prayer of the respondent-Firm to give benefit of One Time Settlement Scheme (for short O.T.S. Scheme) dated 24.5.1995 issued by the appellant-Corporation as well as the notice asking the respondent-Firm to pay 25% of balance outstanding dues within one week, otherwise, assets of it would be sold. The learned Single Judge also directed the appellant to consider the case of O.T.S. on the basis of dues as it stood against the respondent-Firm on 1.4.1995, on which date the order of rejecting its claim under O.T.S. was passed.

2. The facts necessary for disposal of the present appeal are that one Arvind Kumar Sinha started a firm in the name and style of M/s. A.K. Films, situated in Boring Canal Road, Patna, in the year 1974 with a view to produce film and hire shooting equipments pertaining to Film Production in Patna. The said unit wa