Markandey Katju, CJ.

This writ appeal is filed against the impugned order of the learned single Judge dated 19.05.2004 passed in W.P.No.14013 of 2004. We have perused the impugned order and the other papers available on record, and also heard the learned counsel for the parties. We are of the opinion that the impugned order cannot be sustained.

2. The prayer in the writ petition was for the issuance of a writ of mandamus directing the 2nd respondent in the writ petition (the present appellant), which is the Tamil Nadu Industrial Investment Corporation Limited (hereinafter referred to as TIIC) to accept the one time settlement offer made by the petitioner and to release the properties and fixed assets offered as collateral securities.

3. The writ petitioner is a private limited company registered under the Indian Companies Act and is engaged in the business of Software Development Projects. A term loan of Rs.2.60 crores was sanctioned to the writ petitioner-company by the TIIC vide sanction letter dated 30.04.2001for a Software Development Project.

4. It was alleged in paragraph-11 of the affidavit filed in support of the writ petition that petitioner could not pay the dues