G.S. Singhvi, J. - In order to provide medium and long term credit to industrial undertakings which could not be financed by the commercial banks, the Central Industrial Financial Corporation was set up under the Industrial Finance Corporation Act, 1948. After some time, the State Governments expressed their desire that State Financial Corporations should also be set up on the pattern of Central Industrial Financial Corporation which may function under the ultimate control of the State Governments. In order to meet this demand, and keeping in view the provision of Entry 43 of the List 1 of Seventh Schedule, the Parliament enacted the State Financial Corporations Act, 1951 (hereinafter referred to as the 1951 Act). The object of providing financial assistance to the exiting industrial concerns and new entrepreneurs who wanted to set up industries was satisfactorily achieved. But in the later years, the State Financial Corporations had been dragged into litigation and there is no High Court in the country in which dozens of petitions are filed every year by the persons who have availed the above facilities from such Corporations. The primary objective of these petitions is to