JUDGMENT

Arijit Pasayat, J.—Leave granted.

2. Appellant calls in question legality of the judgment rendered by a Division Bench of the Allahabad High Court dismissing the writ petition filed by the appellant. The said writ petition was filed under Article 226 of the Constitution of India, 1950 (in short the Constitution) for quashing the recovery certificate dated 24.4.2002 issued by the respondents 1 and 2.

3. Background facts as projected by appellant in a nutshell are as follows:

One M/s Denin Leathers Limited (hereinafter referred to as the borrower) had taken term loan of Rs. 40 lacs from Pradeshiya Industrial and Investment Corporation, Uttar Pradesh Limited (in short PICUP) and had mortgaged its immovable properties to secure the loan. Initially the borrower had commenced its business as a private limited company in 1979 but subsequently in the year 1995 it was converted to a Public Limited Company. While the borrower becomes a public limited company, appellants name was included as a Director. On 7.7.1998 a recovery certificate was issued in respect of one Sanjay Mahajan who was one of the guarantors in respect of the loan. According to the appellant due to continued losses