K.J. Sengupta, J. - (1.) This Writ Petition has been filed on the facts the sum and substance of which is stated hereunder.
(2.) The writ petitioner No. 1 is a constituent of the respondent No. 1 Bank. The Writ Petitioner No. 2 is one of the Directors of the Writ Petitioner No. 1. The Writ Petitioner as a constituent enjoyed cash credit facilities from the respondent No. 1 Bank as such agreement for loan transaction as aforesaid was entered into by and between the writ petitioner No. 1 on the one hand and respondent No. 1 on the other hand on various terms and conditions. In order to secure the dues as against the cash credit facilities the Writ Petitioner No. 1 duly deposited various fixed deposit receipts as and by way of pledge, the aggregate value thereof is Rs. 48,99,019.00 paise. Apart from this security there are other securities in form of hypothecation of the goods, movable machinery, book debts and also an equitable mortgage created in respect of the property standing in the name of Smt. Purnima Bhadra being the mother of the Writ Petitioner No. 2 which situated at Naihati in the District of North 24- Parganas.
(3.) Apart from the aforesaid credit facilities the Writ Petitioner No. 1 requested the respondent No. 1 Bank to furnish several Bank guarantees for due and proper performance in execution of a contract, in favour of the State of Bihar being the beneficiary of the guarantees. Total number of guarantees given by the respondent No. 1 in favour of the State of Bihar are 20. The aggregate value of the said Bank guarantee is Rs. 40, 30,000/-. The said Bank guarantees were executed and further furnished on different dates stipulating their validity period therein.;