S.P.Mehrotra, J. - (1.) This writ petition under Article 226 of the Constitution of India has been filed by the petitioners, inter alia, praying for issuance of a writ, order or direction in the nature of certiorari quashing the Recovery Certificate as well as Citations dated 15.4.2002 and 16.4.2002 (Annexure No. 12 to the writ petition), and further, for issuance of a suitable writ, order or direction in the nature of mandamus or prohibition restraining/ prohibiting the respondents from realization of any amount from the petitioners in pursuance of the said Recovery Certificate and Citation.
(2.) The petitioners have, inter alia, alleged in the writ petition that they were Directors of Om Steel and Alloys--unit of Om Refrigeration Private Limited, Faizabad which was a Private Limited Company incorporated under the Companies Act; and that Om Steel and Alloys sought financial assistance from U.P. Financial Corporation, Kanpur for establishing the unit; and that a loan of rupees sixty lacs was sanctioned by the U.P. Financial Corporation, Kanpur, out of which Rs. 52,88,900/- was disbursed to Om Steel and Alloys. It is, inter alia, further alleged by the petitioners that on 4th December, 1990, a loan agreement was entered into by Om Steel and Alloys with U.P. Financial Corporation and PICUP; and that on 4th December, 1990 itself the Hypothecation Deed was also executed by Om Steel and Alloys in favour of U.P. Financial Corporation as well as PICUP.
(3.) The petitioners, inter alia, further alleged that they stood as guarantors in the financial assistance granted by U.P. Financial Corporation to Om Steel and Alloys. Identical Guarantee Bonds were executed by the petitioner Nos. 1 and 2. A photostat copy of the Guarantee Bond executed by the petitioner No. 2 (Shyam Sunder Garg) in favour of the PICUP (Pradeshiya Industry and Investment Corporation of U.P. Limited) and the U.P. Financial Corporation has been annexed as Annexure No. 1 to the writ petition.;