( 1 ) THIS appeal arises out of the judgment and order passed by the learned District Judge, 24-Paraganas on March 17,1977 in Misc. Case No. 176 of 1970. Engineers (Overseas) Corporation Private Ltd. incorporated and registered under the Companies Act is the appellant in the instant appeal and the said Misc. case arises out of an application made by the West Bengal Financial Corporation a statutory Corporation under the State Financial Corporations Act, 1951 under Ss. 31 and 32 of the Act against the Engineers (Overseas) Corporation Ltd. and Sisir Kumar Arnab its Director. The aforesaid application under Ss. 31 and 32 of the State Financial Corporations Act (hereinafter referred to as the State Act) was made for sale of mortgage properties belonging to the Engineers (Overseas) Corporation Private Ltd, It was stated in the said application under Ss. 31 and 32 that the Engineers (Overseas) Corporation Private Ltd, was engaged in the manufacturing and processing of goods and was an industrial concern within the meaning of the State Act and the said Company had been carrying on its business at Premises No. 42, Raja Santosh Road Alipore, and the respondent No. 2, Sisir Ku