( 1 ) A petition Civil Misc. (Main) 85/74 under section 30 of the Industrial Finance Corporation Act, 1948 (for short the Act of 1948 ) and two suits (Suit No. 430/81 and Suit No. 1 179/82) have been heard together along with yet another suit (Suit No. 59/73 ). Under this Act of 1948 a corporation called the Industrial Finance Corporation of India ( ifci for short) was established. IFCI is a body corporate having perpetual succession and acommon seal withpowers,subjecttoprovisionsoftheactof 1948, to acquired, hold and dispose of property, both movable and immovable, and shall by the said name sue and be sued. As the preamble of the Act of 1948 would show, IFCI was established for the purpose of making medium and long-term credits more readily available to industrial concerns in India, particularly in circumstances where normal banking accommodation is inappropriate or recourse to capital issue methods is impracticable. Industrial Finance Corporation rules, 1957 (IFC Rules) have been framed under the Act of 1948.

( 2 ) THE three suits and the petition have been listed together at final stages, though there is no order consolidating these cases. Some issues arising