JUDGMENT : R.K. Dash, J. - The petitioner by filing the present writ application under Article 226 of the Constitution, seeks for a direction to the Orissa State Financial Corporation (for short 'Corporation') to make payment of a sum of Rs. 10,51,000/- with 18 per cent interest from 2-9-93, the date on which the industrial unit was sold to opp. party No. 3. 2. The managing partner of M/s. Chinmaya Chemicals (P) Limited and others established the said industrial unit for production of bleaching powder after availing of loan of Rs. 8,60,000/- from the Corporation. Due to some unavoidable circumstances and marketing problem, it is alleged, the unit sustained huge loss for which loan could not be paid up within the stipulated time. Ultimately in exercise of power u/s 30 of the State Financial Corporation Act. 1951 (for short 'the Act'), the Corporation seized the unit and took over possession of all the assets against the total liability of 8.99 lakhs. The Corporation thereafter sold the unit to M/s. Mayor Cables Private Limited (opp. party No. 3) for Rs. 19.50 lakhs out of which the purchaser paid down payment of Rs. 8.50 lakhs. The Corporation then allowed instalments to opp. party No. 3 for making payment of the balance amount. It is urged that though opp. party No. 3 was willing to pay the entire amount, but the Corporation allowed deferred payment and, therefore, as per Sub-section (4) of Section 29 of the Act, the Corporation is obliged to refund amount due to the petitioner after discharge of the debt. party No. 3 for making payment of the balance amount. It is urged that though opp. party No. 3 was willing to pay the entire amount, but the Corporation allowed deferred payment and, therefore, as per Sub-section (4) of Section 29 of the Act, the Corporation is obliged to refund amount due to the petitioner after discharge of the debt. Section 29(4) of the Act on the basis of which the petitioner has claimed the relief as aforesaid reads as under: "Where any action has been taken against an industrial concern under the provisions of Sub-section (1), all costs, charges and expenses which in the opinion of the Financial Corporation have been properly incurred by it as incidental thereto shall be recoverable from the industrial concern and the money which Is received by it shall in the absence of any contract to the contrary, be held by it in trust to be applied firstly, in payment of such costs, charges and expenses and, secondly, in discharge of the debt due to the Financial Corporation, and, the residue of the mane/so received shall be paid to the person entitled thereto." The expression 'so received' come to be interpreted by this Court in earlier two writ applications, OJC No. 6232 of 1991, decided on 9-3-1992 (Satya Ranjan Nayak v. Q. S. F. C and Ors.) and OJC No. 5436 of 1991, decided on 14-7-1993 (Nawabuddin v. M.D., Orissa State Financial Corporation). In the former case the Court interpreting the aforesaid expression observed that unless money is received by the Corporation, it cannot be asked to act in accordance with Section 29(4) of the Act. The observation made in the former case found favour with the Bench which decided the latter case. In view of the settled position of law, we are not inclined to accept She petitioner's contention that the balance money which has not yet same to the hands of the Corporation can be ordered to be refunded to the petitioner with the aid of Section 29(4) of the Act. 3. In the result the writ application is dismissed. In the circumstances of the case, there shall be no order as to costs. D.P. Mohapatra, A.C.J. 4. I agree. Final Result : Dismissed