TAPEN SEN,J. - (1.) HEARD the parties.
(2.) THE Writ Petitioner in the instant case has prayed for quashing of the order dated 24.4.2002, which has been passed by the respondent No. 4 (Deputy Manager, Bihar State Credit and Investment Corporation Ltd.), whereby and whereunder the respondents, in compliance of the earlier order passed by this Court in W.P. (C) No. 1997 of 2002, inter alia intimated that the petitioner was liable to make payment of a total amount of Rs. 32.76 lakhs. The petitioners have also prayed for quashing of the earlier letter dated 4.9.1992 as contained in Annexure 3, whereby and whereunder the Petitioners were informed that the rates of interest in relation to transactions made after 1.5.1992 was being revised under the IDBI Re -finance Scheme. The petitioners have further prayed for quashing the letter dated 31.3.1993 issued by the respondents and as contained at Annexure 5 Series, by which the petitioners were informed about the resolution of the Board of Directors of Bihar State Credit and Investment Corporation Ltd. (hereinafter referred to for the sake of brevity as 'BICICO') that the rate of interest as revised by IDBI/SIDBI was approved and it will come Into force with effect from the date as mentioned in the circular Nos. FI -10/93 -94 and 14/93 -94 and 21/93 -94. They were further informed that the aforementioned resolution was applicable in the case of the Petitioner and that the rate of interest would be calculated accordingly. The petitioners have also challenged the circular dated 9.8.1994 (Annexure 6) by which it was informed that it had been decided to revise the rates of interest once again.
(3.) THE petitioners have stated that the decision of the respondents to make applicable the circulars stated above on the basis whereof decision was taken to revise the rates of interest was not correct as these circulars could not be said to be applicable in the case of the petitioner.;