( 1 ) ALL these writ appeals filed by the financial institutions and the banks are directed against the same Judgment of the learned single Judge dated 12-8-1999 made in W. P. NO. 26061 of 1992. W. A. No. 1689 of 1999 is filed by the Industrial Development bank of India, Mumbai (IDBI), the 2nd respondent; W. A. No. 1620 of 1999 by State bank of India, Hyderabad Main Branch, hyderabad, the 8th respondent; W. A; no. 1532 of 1999 by Industrial Finance corporation of India Limited (IFCI), the 4th respondent; W. A. No. 1658 of 1999 by the central bank of India, Mumbai, the 7th respondent; W. A. No. 1637 of 1999 by industrial Credit and Investment corporation of India Limited, Mumbai, (ICICI), the 3rd respondent and W. A. No. 1699 of 1999 by State Bank of India, gunfoundry, Hyderabad, the 6th respondent in the writ petition.

( 2 ) THE writ petition was filed bysri Krishna Oil Complex Limited, hyderabad, the respondent herein. The background facts leading to the filing of the writ petition be noted briefly as under, The petitioner is a company registered under the companies Act, 1956 and was incorporated on January 1, 1975. It is said, the main objects of the company, inter-alia, are to manufacture, crush, refine and prepare in the State of A. P. , all products based on castor such as Medicinal Castor Oil, refined Castor Oil, Commercial Castor Oil, b. S. S. grade, Dehydrated Castor Oil, dehydrated Fatty Acid, Hydrogenated castor Oil, Hydrogenated Castor Oil Fatty acid, Dimer Acids, Polyamides, Sebasic acid, blown castor oil, alkyd resins, epoxy esters, Sulphonated Castor Oil, Paint additives, based on castor oil, polyamides based on castor oil, brake fluids, greases, castor cake for fertilizers, glycerine, lubricants, Nylon-11. In pursuance of these objects, the petitioner-company was granted a Letter of Intent (Lol) by the Government of India to undertake production of refined castor oil 7000 M. T. , dehydrated castor oil 5000 M. T. , and Hydrogenated Castor Oil 13000 M. T. , which was later converted into industrial licence CIL 173 (80) dated 19-7-1980 with a condition that the company should export 100% of the annual production of hydrogenated castor oil for 5 years which may be extended for a further period of 5 years at the option of the government of India. The petitioner was started as a 100% Export Obligation Unit (EOU) having a collaboration and marketing tie up with M/s. Trade Mcnair of USA which supplied the technical knowhow and also undertook to lift the entire stocks of the refined castor oil, dehydrated castor oil and hydrogenated castor oil that would be produced in the petitioner s proposed unit. The Government of India also granted its approval for the petitioner s collaboration with M/s. Trade mcnair of USA vide its letter of the ministry of Industries and Civil Supplies in ref. N o. FC.-11/142 (70)419 (75) dated 24-8-1976. Consequent upon the collaboration agreement and the approval of the Government of India, the petitioner- company undertook the research of feasibility and viability of rawmaterial for locating the castor oil unit. After studying various aspects, the petitioner finally decided to locate the unit at Vemphad village of Nalgonda district, where there was abundance of excellent quality of castor seeds. The petitioner thereafter prepared an estimation cost of the project and the same was pegged at Rs. 682 lakhs. After preparation of the estimation of the cost of the project, the petitioner started negotiating with various financial institutions and banks for the purpose of obtaining the term loans for erecting and running the proposed plant. On negotiations, the IDBI sanctioned a term loan of 206 lakhs which included central subsidy of Rs. 15 lakhs to the petitioner under the loan agreement dated 28-10-1980 entered into between the petitioner and the IDBI. Similarly, IFCI, the 3rd respondent agreed to provide Rs. 100 lakhs; the ICICI, the 4th respondent a sum of Rs. 100 lakhs. These lo