( 1 ) THE petitioners seek Writ of Certiorari setting aside the judgement and decree dated 25. 8. 1992passed by the Court of District Judge, Delhi in Suit No. 85/ 86 Delhi Financial Corporation Vs. the petitioners. The petitioners arc the principal debtors and sureties. Thedistrictcourthas,on an application filed by Delhi Financial Corporation under Section 31 of the State Financial Corporations Act, 1951, determined the liability of the petitioners to pay a sum of Rs. 48,854. 37 with interest.

( 2 ) THE sole grievance of the petitioners is that Section 31 of the State Financial Corporation Act, 1951 (hereinafter the Act , for short) does not contemplate a suit being filed and tried and hence no judgement and decree could have been passed therein.

( 3 ) THOUGH at the first blush the contention raised appears to be sound but on a little probe we find the petitioners contention meritless.

( 4 ) AS against erring borrowers of the financial corporation, the Act contemplates three types of remedies available. Section 29 provides for the Financial Corporations right to take over the management or possession or both ofthedefaultingindustrial concern as well as the right