M/S. PACKRAFT (INDIA) PVT.LTD. THROUGHITS DIRECTER V.S. MAN vs U.P.F.C. THROUGH ITS M.D.R.M. SETHI & ORS.

The Supreme Court held that the guidelines established in Mahesh Chandra v. UPFC [(1993) 2 SCC 279] regarding the sale of properties by financial corporations are binding under Article 141. However, the Court clarified that any infraction of these guidelines should be addressed through judicial review rather than contempt proceedings. Consequently, the petitioner's request for contempt proceedings against the respondents was dismissed, allowing the petitioner to seek appropriate legal remedies instead.