( 1 ) HEARD the learned counsel for the parties.

( 2 ) THE present application has been moved by the Industrial Finance Corporation of India, a body corporate established under the Industrial Finance Corporation Act, 1948 (Act No. XV of 1948) (hereinafter referred to as the Act) under S. 30 of the Act for the sale of the mortgaged property under S. 30 (1) (b) (c) of the Act and for the appointment of the Receiver over the same.

( 3 ) ACCORDING to the petitioner No. 1, the respondent No. 1 as an incorporated company, on 7-11-1972 took a loan of Rs. 52 lacs for its project for manufacture of mild steel ingots in the State of U. P. The said loan was taken on the terms and conditions contained in the Loan Agreement dt. 5-7-1973. It was entered into between the petitioner No. 1 and respondent No. 1. A security for the said loan together with interest etc. was agreed to and a Deed of Hypothecation was also made in favour of petitioner No. 1 by the respondent No. 1. Similarly a further security for the said loan in favour of petitioner No. 1 was made by deposit of title deeds of the immovable properties on 5-11-1974. On 7-7-1978 the petitioner No. 1 further advanced a loan