GITA MITTAL, J.

"Power vested by the State in a Public Authority should be viewed as a trust coupled with duty to be exercised in larger public and social interest. Power is to be exercised strictly adhering to the statutory provisions and fact-situation of a case. 'Public Authorities cannot play fast and loose with the powers vested in them'. A decision taken in arbitrary manner contradicts the principle of legitimate expectation. An Authority is under a legal obligation to exercise the power reasonably and in good faith to effectuate the purpose for which power stood conferred. In this context, "in good faith" means "for legitimate reasons". It must be exercised bona fide for the purpose and for none other."

(Ref.: Noida Entrepreneurs Association v. Noida & Ors. (2011) 6 SCC 508)

1. Having acted totally contrary to the above mandate, the Pradeshiya Industrial & Investment Corporation of U.P. Ltd. ('PICUP' hereafter) appellant herein assails the order dated 8th July, 2013 whereby the learned Company Judge has directed return of amounts deposited with the appellant by