( 1 ) PETITIONERS/appellants filed Writ Petition under Article 226/227 of the Constitution of India for quashing communication dated 10-4-2000 (Annexure-P/30) whereby the petitioners have been informed that their mortgaged assets shall be sold for recovery of outstanding dues in exercise of the powers conferred under S. 29 of the State Financial Corporations Act (hereinafter referred to as 'the Act') by the respondent M. P. Financial Corporation.

( 2 ) THE petitioners were advanced a term-loan of Rs. 28. 45 lacs in the year 1980. The amount was disbursed in between the period 1981 to 1983. the M. P. Financial Corporation took possession of the mortgaged assets on 7-4-2000 in exercise of powers under S. 29 of the Act. The dues against the petitioners as on 1-1-2000, according to the M. P. Financial Corporation, is Rs. 2. 40 crores, inclusive of interest. The sale of the mortgaged assets was advertised in daily newspapers Dainik Bhaskar and Nav Bharat on 4-6-2000. the prospective purchaser has offered Rs. 22. 5 lacs. Thereafter, the M. P. Financial Corporation vide letter dated 6-7-2000 informed the petitioner about the said offer and asked them that in case they were