HIMA KOHLI, J.

( 1 ) THE present appeal has arisen from the judgment dated 21st september, 2006 passed in WP (C) No. 14915/2006 preferred by the appellant against respondent No. 1 praying, inter alia, for setting aside the bid/auction process initiated by respondent No. 1 to sell/assign its debts to a third party and direct respondent No. 1 to consider One Time Settlement (in short 'ots') as proposed by the appellant which is at par with the successful bidder. The learned Single Judge dismissed the writ petition preferred by the appellant by holding that respondent No. 1 is entitled to sell its Non Performing Assets (in short 'npas') to any other banking institutions or financial institutions under the guidelines issued by the Reserve Bank of India vide circular No. RBI/2005-06/54 DBOD No. BP. BC 16/21. 04. 048/2005-2006 dated 13th July, 2005 and also holding that respondent No. 1 cannot be directed to consider the offer of appellant to have another OTS for Rs. 520 lacs.

( 2 ) BRIEF facts of the case that are necessary to decide this appeal are that the appellant is a company incorporated under the Companies Act in the year 1970. Initially, the same was promoted by the Goyal fami