JUDGMENT :

Vineet Kothari, J.

1. The aforesaid Letters Patent Appeal No.2480 of 2010, Lalitaben Govindbhai Patel and others Vs. Gujarat State Financial Corporation and others has been filed by the Guarantors-Shareholders of the Defaulter Company - M/s. Ganpati Pulp and Paper Mills Limited (GPPML) (now in liquidation) with the Official Liquidator attached to High Court of Gujarat, aggrieved by the order of the learned Single Judge dated 06.10.2010 (Coram: Hon’ble Mr. Justice K.S. Jhaveri) in Special Civil Application No.12979 of 2009 - Lalitaben Govindbhai Patel and others Vs. Gujarat State Financial Corporation and seven others.

2. The said Special Civil Application No.12979 of 2009 was filed by the petitioners - Guarantors-Shareholders of GPPML challenging the One Time Settlement dated 10.06.2009 between Gujarat State Financial Corporation (GSFC) and M/s.Shree Industries Limited.

3. Though this case has a chequered history, but we need not to go into all the details of facts in view of the order proposed to be passed by us in this case, and therefore, we would quote our previous interim orders in the said Letters Patent Appeal No.2480 of 2010 itself and extracts of the learned Single