Sale consideration under Section 29 includes instalment payments, requiring the residue to be paid after adjustment of dues.

On sale of an industrial concern under Section 29 of the State Financial Corporations Act, 1951, the sale consideration accepted at auction was treated as the money received by the Corporation for Section 29(4), even though the purchaser paid by instalments. The Court held that the Corporation could not recharacterise unpaid instalments as a separate loan to avoid accounting for the full realised consideration. After deducting costs, charges and the amount due to the Corporation, the remaining residue was held to belong to the person entitled to it and had to be paid over. The appeal failed and the direction to pay the residue was sustained.

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Issues: Whether, on sale of an industrial concern under Section 29 of the State Financial Corporations Act, 1951, the entire sale consideration agreed at auction or only the amounts actually collected from the purchaser constitutes the "money received" by the Corporation for the purpose of Section 29(4), and whether the residue after adjustment of costs and dues is payable to the owner.

Analysis: The statutory power under Section 29 is directed to realisation of the property by converting it into money. Once the Corporation accepts the highest bid and effects the sale, the consideration for which the property is sold represents the money received within the meaning of Section 29(4). The Corporation cannot postpone the statutory obligation to account to the owner by structuring the deferred balance as a loan to the purchaser and then contending that the unpaid instalments are not part of the sale proceeds. The balance remained part of the realised consideration, and after deduction of costs, charges and the amount due to the Corporation, the residue had to be held in trust and paid to the person entitled thereto.

Conclusion: The entire sale consideration had to be treated as money received by the Corporation, and the residue was rightly directed to be paid to the respondent.

Final Conclusion: The appeal failed, and the direction to pay the residue of the sale proceeds to the respondent was sustained.

Ratio Decidendi: For the purpose of Section 29(4) of the State Financial Corporations Act, 1951, the consideration for which the property is sold under Section 29 is the money received by the Corporation, even if the purchaser pays the price in instalments.

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