In the present writ petition, the petitioner has primarily prayed for quashing the auction sale of the mortgaged property of the petitioner and also for quashing the alleged calculation, statement of account and demand of Rs. 31.79 crore made thereon. It has further been prayed for issuance of direction upon the respondent authorities to produce the valuation report.

2. The factual background of the case as stated in the writ petition is that the petitioner was engaged in the business of manufacturing of chemical products and for the purpose of financial assistance, it approached the respondent-Bihar State Credit & Investment Corporation (BICICO) for sanction of term loan of Rs. 85 lakhs out of which the BICICO sanctioned the loan of Rs. 79 lakhs. The petitioner furnished securities against the said loan by hypothecating and mortgaging the movable and immovable properties. According to the petitioner, though the respondent-BICICO while releasing the part loan, issued cheques of Rs. 25 lakhs, yet the same got dishonored for insufficient fund. On 14.09.1998, the petitioner wrote to the Industrial Development Commissioner, Government of Bihar complaining about the failure on