( 1 ) THIS is a petition by the auction purchaser - Hindustan Electro Graphites Limited. Briefly staling, the facts of the case are that a Company named Sidda Syntex Limited (hereinafter REFERRED TO to as ssl ) was availing of financial benefits from Industrial Finance Corporation (hereinafter REFERRED TO to as IFC ) and on SSL failing to meet its obligations under the agreement for loan facilities, IFC initiated proceedings under Section 30 of Industrial Finance Corporation Act for recovery of its dues which ran into several crores. The assets, i. e. , the immovable property as aljso the plant and machinery both movable and immovable of the said SSL were sought to be auctioned by an order dated 5. 5. 1987 passed by this Court. This Court had appointed a Receiver, who was to affect the sale of the property by inviting sealed tenders. He was given the liberty to enter into private negotiations with the various tenderers and other parties also with a view to obtain maximum price. The sale was subject to confirmation by this Court. The petitioner No. 1 was IFC while other charge holders were respondents No. 2 and 3, namely Indurial Development Bank of India and Industrial