Order Head Mr. Vijoy Pratap Singh for the petitioners and Mr. A. Sahay for the respondents. 2. The present application has been flied for quashing the tender notice dated 29.3.1992 (Annexure 6) by which the Bihar State Financial Corporation intends to sell the mortgaged/pledged assets of the petitioners in pursuance to the powers under section 29 of the State Financial Corporation Act, 1951 (hereinafter referred to as the 'Act'). 3. In view of the law laid down in the case of Mahesh Chandra vs. Regional Manager, U.P. Financial Corporation & ors. disposed of on 12.2.1992 [Judgment Today 1992 (2) S.C. 326 : 1993 (1) PLJR 90 (SC)] it is not necessary for us to examine the facts of the case in any detail. The Supreme Court after giving anxious consideration to the objects of the Act and the purpose for which the loans are advanced by the Corporation under the Act to the intending entrepreneurs, have laid down certain directions which are to be necessarily followed by the Corporation while exercising power under section 29 of the Act. These directions are contained in paragraph 22 of the aforesaid Judgment and reads as under : "Every endeavour should be made, to make the unit viable and be put on working condition. If it becomes unworkable : (1) sale of unit should always be made by public auction. (2) Valuation of a unit for purposes of determining adequacy of offer or for determining if bid offered was adequate, should always be intimated to the unit holder to enable him to file objection, if any, as he is vitally interested in getting the maximum price. (3) If tenders are invited then the highest price on which tender is to be accepted must be intimated to the unit holder. 4 (a) If unit holder is willing to offer the sale price, as the tenderer, then he should be offered same facility and unit should be transferred to him. And the arrears remaining thereafter should be re-scheduled to be recovered in instalments with interest after the payment of last instalment fixed under the agreement entered into as a result of tendered amount. (b) If he brings third parties with higher offer it would be tested and may be accepted. And the arrears remaining thereafter should be re-scheduled to be recovered in instalments with interest after the payment of last instalment fixed under the agreement entered into as a result of tendered amount. (b) If he brings third parties with higher offer it would be tested and may be accepted. (5) Sale by private negotiation should be permitted only in very large concerns where investment runs in very huge amount for which ordinary buyer may not be available or the industry itself may be of such nature that normal buyers may not be available. But before taking such steps there should be advertisements not only in daily newspapers but business magazines and papers. (6) Request of the unit holder to release any part of the property on which the concern is not standing of which he is the owner should nominally be granted on condition that sale proceeds shall be deposited in loan account." 4. Keeping in view the aforesaid Supreme Court Judgment, we dispose of the application with a direction that the respondent-Corporation will exercise the Statutory power of sale under Sections 29 or 30 of the Act only in accordance with the aforesaid directions. 5. The writ application is accordingly disposed of.