( 1 ) THIS appeal under Clause 15 of the Letters Patent is directed against the judgment and order of N. H. Bhatt J. in Special Civil Application No. 1399 of 1979 whereby he directed the appellant Corporation to disburse to the respondent (original petitioner) the loan amounts forthwith in accordance with the letter of offer dated 24-7-1978 followed by the agreement dated 1-2-1979. The appellant-Corporation having been aggrieved by the said order and direction given by the learned Single Judge has preferred the present appeal. The facts giving rise to this appeal briefly stated are as under.

( 2 ) THE appellant is a statutory Corporation established under sec. 3 of the State Financial Corporations Act 1951 (hereinafter called the Act ). The said Act was enacted to provide medium and long-term credit to industrial concerns which expression as defined by sec. 2 (c) (iii) includes a concern engaged or to be engaged in the hotel industry. The appellant-Corporation established under sec. 3 of the Act is a body corporate having a perpetual succession and a common seal With power subject to the provisions of the Act to acquire hold and dispose of property and to sue and be