( 1 ) THE Industrial Finance Corporation of India is a body corporate established under the Industrial Finance Corporation Act, 1948. On June 12,1974 it entered into a Loan-cum-Deferred Payment Guarantee Agreement with M/s. Allied International Products Ltd. and consequent thereupon lent it a total sum of Rs. 37. 50 lacs. In consideration of the loan so advanced the lonee executed and got registered a Mortgage Deed. This was on February 10, 1975. Subsequent thereto, the parties entered into yet another loan agreement and with regard to it an agreement of hypothecation was executed on July 31,1978. As the lonee allegedly did not honour the agreements and neglected to pay the outstanding amounts, the Industrial Finance Corporation of India filed a petition under Section 30 of the Industrial Finance Corporation Act, 1948 for sale of properties mortgaged in its favour and for appointment of Receiver in respect of the said properties. This was in December 1979 and the said petition is still pending disposal.

( 2 ) IT so happened that in June, 1993 came into force the Act called the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Section 17 of the Ac