J.S. Khehar, J. - M/s San Components Limited had taken term loan of Rs. 1.50 crores from Haryana State Industrial Development Corporation Limited (hereinafter referred to as "HSIDS") on 5.2.2002. M/s Aggarwal Overseas Limited i.e. the petitioner in the instant writ petition signed a bond of guarantee dated 5.2.2002, offering security of its immovable properties. This guarantee was given to secure the loan sanctioned by the HSIDC to M/s San Components Limited.

2. The HSIDC issued a notice dated 19.12.2005 under Section 29 of the State Financial Corporation Act, 1951 to M/s San Components Limited as also to Smt. Neelam Aggarwal and Sanjay Mohan Aggarwal asserting that an amount of Rs. 153.59 lacs was outstanding against M/s San Components Limited as on 31.10.2005. It was also asserted therein that M/s San Components Limited as making persistent default as a consequence whereof the primary security of the industrial unit was taken over under Section 29 of the State Financial Corporation Act, 1951 and put to sale wherein the HSIDS had received a bid of Rs. 67 lacs, which it had decided to confirm. However, M/s Sam Components Limited had challenged the action initiated by the HS