GAJRAJ JAIN vs STATE OF BIHAR .

The Supreme Court examined the actions of Bihar State Industrial Credit and Investment Corporation Limited (BICICO) under Section 29 of the State Financial Corporation Act, 1951, determining that BICICO acted malafide by transferring the debtor company's assets to M/s Stichworth Exports Pvt. Ltd. without considering the appellant's tender submitted on time. The Court held that the transfer was in breach of statutory obligations, emphasizing the need for adherence to the procedural requirements outlined in the Act. Consequently, the Court ruled in favor of the appellant, restoring his rights over the assets.