1. - This petition has been filed by two companies one M/s. Sahayog Silk Mills Pvt. Ltd., petitioner No.1 (hereinafter 'M/s. Silk Ltd.') and another apparently its sister concern M/s. Sahayog processors Pvt. Ltd., petitioner No.2, (hereinafter 'M/s. process Ltd.') with the prayer that the letter dated 17.09.2008, whereby the Rajasthan State Industrial Development and Investment Corporation (hereinafter 'RIICO') informed the petitioner No.1-M/s. Sahayog Silk Mills Pvt. Ltd.- that the sale letter dated 06.12.2007 for the assets of M/s R.K. Texcon (India) Ltd., Chittorgarh Road, Village Guwardi, Bhilwara (hereinafter 'M/s. Texcon Ltd.') had been cancelled and the earnest money of Rs. 2 lakhs deposited forfeited, be quashed and set aside. It has also been prayed that the subsequent advertisement dated 05.08.2009 issued by the RIICO inter alia for sale of assets of M/s. Texcon Ltd. also be quashed and set aside and RIICO be directed to handover the possession of the assets (land, building, plant and machinery) of M/s. Texcon Ltd. to the petitioner after accepting the balance amount of Rs. 56 lakhs.

2. The facts of the case are that RIICO invited bids for the sale of the assets o