- (1.) Heard Sri Akhilesh Kalra, learned counsel for petitioners and Ms. Ishita Yadu, Advocate holding brief of Sri Gaurav Mehrotra, learned counsel for respondents no. 1 and 2 as well as learned Standing Counsel for respondents no. 2, 3 and 5.
(2.) Two petitioners-Smt. Kanta Bhandari and Raj Kumar Bhandari have filed this writ petition under Article 226 of Constitution of India challenging recovery certificate dated 19.11.2002 issued by Managing Director, Pradeshiya Industrial and Investment Corporation of U.P., Lucknow (hereinafter referred to as the "PICUP") to Collector, Ludhiyana (State of Punjab) for recovery of Rs. 1,20,46,651.80 alongwith interest pendente lite and recovery charges on the ground that petitioners stood guarantor to the loan advanced to M/s Tanda Textile and Processing Mills Pvt. Ltd. (hereinafter referred to as the "TTPM Company"), Office and Factory at Ariya Bazar, P.O. Surapur, Tehsil Akbarpur, District Ambedkar Nagar. The said Company defaulted in payment of loan amount and outstanding dues towards principal amount and interest computed till 31.07.2002 came to Rs. 1,20,46,659.80 (Principal amount Rs. 39,99,626.88 and Interest Rs. 80,50,024.92).
(3.) Facts stated in writ petition are that petitioner-1, Smt. Kanta Bhandari is wife of late Hari Om Bhandari and petitioner-2, Raj Kumar Bhandari is son of late Hari Om Bhandari.;