ORDER S.J. Mukhopadhaya, A.C.J. 1. This writ petition has been preferred by the petitioner for a direction on the 1st respondent Bihar Credit and Investment Ltd., Patna (hereinafter to be referred as BICICO) not to hand over the assets and property of M/s. G.R. Magnates (P) Ltd., situated at Phase VII, Adityapur Industrial Area, Adityapur, Jam-shedpur since the petitioner claims to have filed a tender for purchase of the said property before the 2nd respondent Bihar State Financial Corporation, Patna (hereinafter to be referred as BSFC). Further prayer has been made for a declaration that the sale of property and assets of M/s. G.R. Magnates (P) Ltd., situated at Adityapur Industrial Area, Adityapur, Jamshedpur, by BICICO is null and void, as according to the petitioner, the property belongs to BSFC regarding which tender for auction sale has been called for. 2. According to the petitioner, he purchased tender paper on 8th December, 2004 from BSFC after payment of Rs. 50/-for purchasing the property, belonging to M/s. G.R. Magnates (P) Ltd., Jamshedpur. The petitioner, thereafter, submitted tender papers alongwith the earnest money of Rs. 50.000/- and quoted a sum of Rs. 70,00,000/- for purchase of the property of M/s. G.R. Magnates (P) Ltd., Jamshedpur, including its land, Further case of the petitioner is that it was waiting for call from BSFC for negotiation of the price and execution of the sale deed, but having not received any intimation, approached the Managing Director, BSFC, Patna. Having been informed, it became shocked and surprised to learn that BICICO had already taken decision and sold the mortgaged assets of M/s. G.R. Magnates (P) Ltd., Jamshedpur, in favour of some other party on 31st May, 2005 itself at a price, much lower than the offer of the petitioner. Thereafter, the petitioner is stated to have requested the Industrial Development Commissioner, Patna, that it should also be given opportunity to participate in the auction sale of the assets and property of M/s. G.R Magnates (P) Ltd., Jamshedpur, but no steps having been taken and as the BICICO was found to be bent upon to favour the other party, the petitioner had no other option but to approach the Court. 3. 3. After the case was taken up, a prayer was made to implead one M/s. Model Heavy Fabrication Pvt. Ltd., Gamnaria, Jamshedpur as 4th respondent to the writ petitioner, since the assets and property of M/s. G.R. Magnates (P) Ltd., Jamshedpur, was auction purchased by the said respondent from BICICO, Patna. Having Received notice, the newly added 4th respondent appeared and opposed the prayer. The BICICO also appeared, opposed the prayer, made in the writ petition, and pointed out the manner in which the property, in question, was auction sold in favour of the 4th respondent. It was informed that inspite of auction notice, issued by the BICICO, Patna, the petitioner did not choose to apply to take part in the bid. The BSFC also appeared but did not oppose the contention, raised by the BICICO. 4. From the pleadings, made by the parties, it appears that M/s. G.R. Magnates (P) Ltd., Jamshedpur had taken loan from BSFC to the tune of Rs. 55,00,000/- in October, 1986. The said Company also took loan from BICICO, Patna. M/s. G.R. Magnates (P) Ltd., Jamshedpur, thereafter, became regular defaulter in respect of both the loans taken from BSFC and BICICO. The outstanding due as on 31st August, 2004 with BSFC was Rs. 64,25,926/-. The BSFC initially issued notice on M/s. G.R. Magnates (P) Ltd., Jamshedpur, but it having failed to clear the arrears and having defaulted in making payment of the loan, auction sale notice was issued on 19th September, 2000 in the newspaper "Hindustan Times." It appears that no person submitted any tender within time. After about four years, without any further notice, inviting tender, for auction sale of M/s. G.R. Magnates (P) Ltd., Jamshedpur, two so called tender papers were submitted before the BSFC; one by the petitioner M/s. BMW Industries Ltd., Jamshedpur, Singh-bhum East, who offered Rs. 70,00,000/-and another by M/s. ASL Motors Pvt. Ltd., who submitted tender for Rs. 40,00,000/-. It is not clear as to how such tender papers were accepted by BSFC. 5. So far as BICICO is concerned, according to it, the petitioner never took part while BICICO called for Notice Inviting Tender (NIT for short). 70,00,000/-and another by M/s. ASL Motors Pvt. Ltd., who submitted tender for Rs. 40,00,000/-. It is not clear as to how such tender papers were accepted by BSFC. 5. So far as BICICO is concerned, according to it, the petitioner never took part while BICICO called for Notice Inviting Tender (NIT for short). M/s, G.R. Magnates (P) Ltd., Jamshedpur, had also taken loan from BICICO and having become defaulter, the BICICO also took steps for auction sale of the assets and property of M/s. G.R. Magnates (P) Ltd., Jamshedpur in exercise of power under Section 29 of the State Financial Corporation Act. Several parties participated in the said auction which was ultimately finalized in favour of 4th respondent M/s. Model Heavy Fabrication Pvt. Ltd., Gamharia, Jamshedpur, who had offered the highest price of Rs. 67,66.000/-. The said offer was accepted by M/s. BICICO vide letter dated 1st February, 2005 i.e. much prior to filing of the present writ petition and the assets and properties were also handed over to the 4th respondent on 8th February, 2005 i.e. prior to filing of the writ petition, by giving previous intimation to the concerned Deputy Commissioner, Seraikella. 6. It appears that M/s. G.R. Magnates (P) Ltd., Jamshedpur, had taken loan from BICICO, BSFC as well as from State Bank of India, As there was a chance of default, while agreement was reached on 28th May, 1987, M/s. G.R. Magnates (P) Ltd., had reached such agreement with BICICO, BSFC and State Bank of India, wherein, following clauses were made in the agreement : 7. The Company doth hereby...and declare that if at any time during the...of the joint securities and those presents the company shall commit any default in payment of any of the instalments of principal and/or interest or breach of any of the covenants and conditions contained in or arising out of the joint securities and/or the respective loan agreement of the joint mortgages the moneys due to each of the joint mortgages shall become due and payable or be deemed to have become due and payable immediately (which the company doth hereby agree and confirm) and...the joint mortgages shall be entitled at its option to exercise such rights (including the right to over the management of the company) or to enforce the right sell the Mortgaged premises or to appoint a receiver thereof to exercise any other rights as are conferred by the said respective securities and/or other documents and/or otherwise in law and the exercise of such rights shall be for the benefit of all the joint mortgages, but before exercise of such rights, such joint mortgages shall consult the other joint mortgages and obtain their consent in writing. 8. (a) All three or any of the joint mortgages shall be entitled to bring a suit or other legal proceedings or to take any steps for enforcement of the security created in its respective favour or otherwise for realization of its dues from the company and in the event of institution of any such suit or other legal proceedings, the parties instituting shall join the other as is set willing to join as party plaintiff as party defendant in each suit or other legal proceedings. (b) Prior to taking any action for enforcement of any of the joint securities each of the joint mortgages concerned shall duly...the other of the same and each of them shall also consult and con-operate with the other in respect of all pertaining to the securities aforesaid as far as the same is practicable without affecting its own rights and each of them shall at all times ...other of them informed of all...and important matters coming to its knowledge relating to the mortgaged premises or any part or portion thereof or otherwise relating to the company. 7. 7. One of the grievances, made by the petitioner, is that the BICICO before auction sale in favour of the 4th respondent, has never given any intimation either to BSFC of the State Bank of India. However, this submission has been refuted by the counsel for the BICICO. While referred to the tender notice, it was pointed out that specific information was given to all the concerned, which was also meant for BSFC and State Bank of India that the BICICO intends to auction sell the property and assets of M/s. G.R. Magnates (P) Ltd., Jamshedpur. 8. Mr. Anil Kr. Sinha, Sr, Advocate, appearing on behalf of the petitioner, submitted that the Court should take judicial notice of the offer given by the petitioner. It has been submitted that while the 4th respondent has offered and paid a sum of Rs. 67,66.000/- the petitioner had offered a sum of Rs. 70,00,000/- for the same. A sealed envelope has been filed by the petitioner with fresh offer, as informed by the counsel. However, this Court, has not opened the same. 9. Counsel for the 4th respondent submitted that the land on which M/s. G.R. Magnates (P) Ltd., Jamshedpur, is situated, belongs to Adityapur Industrial Area Development Authority (AIADA for short). The price of the land is to be paid separately viz. in addition to Rs. 67,66,000/-. offered by M/s. Model Heavy Fabrication Ltd., Gamharia, Jamshedpur. On the other hand, the petitioner has offered Rs. 70,00,000/-, inclusive the cost of the land, and if it is taken into account jointly, it will be evident that the offer given by the petitioner is much less than the amount being paid by the 4th respondent. 10. In the affidavit filed under the signature of Dharambir Singh son of Sri Ajit Singh, Director of M/s. Model Heavy Fabrication Pvt. Ltd. (4th respondent), the 4th respondent has given undertaking to pay further sum of Rs. 2,34,000/- to the BICICO, in addition to the amount of Rs. 67,66,000/- already paid by the 4th respondent to the BICICO. The 4th respondent has further stated that it has to pay the value of the land, amounting to Rs. 25.72.689/- to the Adityapur Industrial Area Development Authority for 3 Acres of land, on which M/s. G.R. Magnates (P) Ltd. is situated, present rate of which is Rs. 8,57,563/- per Acre. 67,66,000/- already paid by the 4th respondent to the BICICO. The 4th respondent has further stated that it has to pay the value of the land, amounting to Rs. 25.72.689/- to the Adityapur Industrial Area Development Authority for 3 Acres of land, on which M/s. G.R. Magnates (P) Ltd. is situated, present rate of which is Rs. 8,57,563/- per Acre. Thus, the total sum including the amount already paid by the 4th respondent will be Rs. 95,72,689/-. 11. It has been further informed by the Director of 4th respondent Sri Dharambir Singh, who has appeared in person, that he has already invested about Rs. 51,000,000/- for revival of the industry. 12. In view of the stand taken by the 4th respondent and the undertaking given by it to pay further sum of Rs. 2,34,000/-in favour of BICICO and that a separate amount of Rs. 25,72,689/- will be paid to the AIADA towards price of the land, this Court is not inclined to entertain the prayer, made by the petitioner, nor is inclined to interfere with the agreement reached between the 4th respondent and BICICO, which is also not under challenge. The 4th respondent: is directed to pay further amount of Rs. 2,34,000/- in favour of the BICICO, in addition to Rs. 67,66,000/ , as was offered by it, within a period of two months from the date of receipt/production of a copy of this order. The 4th respondent is also directed to pay at least a sum of Rs. 25,72,689/- to the AIADA, District-Seraikella, or the sum, as might have been demanded by the AIADA, whichever is higher, within a reasonable period, as may be agreed by the parties. If so necessary, the concerned respondents amongst themselves may come out with a fresh agreement in terms with the direction of this Court. The writ petition is, accordingly, dismissed, but with the aforesaid observations and directions to the 4th respondent.