( 1 ) HEARD both the Counsel.

( 2 ) THE petitioner-plaintiff has filed this revision aggrieved by the orders of the III Additional Judge, City Civil Court, Sccunderabad in I. A. No. 1031/97 in O. S. No. 311/1997, dated 3-11-1997.

( 3 ) THE learned Counsel for the petitioner submits that a suit O. S. No. 311/97 has been filed for recovery of Rs. 7,78,643. 00 along with a petition under Order 38, Rule 5 C. P. C. praying to order attachment before judgment the plot bearing No. 585 admeasuring 346 sq. yards situated at Salebnagar, Kurdu Village, L. B. Nagar Municipality, Hayatnagar Revenue Mandal, Ranga Reddy District covered by Sy. No. 52 to 56 and also to order an attachment before judgment of movables and immovables as pointed out by the petitioner at the time of attachment such as plant and machinery, tables, chairs, almirahs along with the building etc.

( 4 ) IT is stated by the learned Counsel for the petitioner that the petitioner is a Company incorporated under the Companies Act and carrying on business and it is having its registered office at Secunderabad. The first respondent represented by its Managing Partner and other partners approached the plaintiff Company for the bill discounting facility stating that their firm is engaged in the manufacture of Engineering plastics, Rigid Polyurethene Foam, Isocynarate foam etc. , and stated that for carrying on the business they will be requiring to purchase from time to time various items of which the materials from different Company and from different suppliers. It is stated that in respect of the spares and raw materials purchased from the suppliers draw bills of exchange or Hundies whose period is of 90 days on documents against acceptance basis and for these purposes they have requested the petitioner to discount the said bills/hundies drawn by their suppliers upto a limit not exceeding Rs. 8,49,000. 00 per month and agreed to repay promptly within the period of issuance of each and every one of the bills the amount so paid by the petitioner/ plaintiff if paid within a period of issuance and if not paid within the said period, they undertook to pay interest at 36% per annum excluding other costs, damages expenses etc. , which may be incurred by the petitioner Company, the respondents also undertook to indemnify the petitioner for any loss, damage costs, charges or expenses which may be caused or occasioned to the petitioner/plaintiff on account of acceeding to their request and paid the suppliers, bills on account of any claims disputes relevant to them. Apart from that the respondents also gave their acceptance to other terms and conditions which is evident from the undertaking dated 26-9-1995.

( 5 ) THE learned Counsel for the petitioner further submits that basing on the request of the respondents, the petitioner accepted for bill discounting and has extended the bill discounting facility to the respondents. The respondents have forwarded the bill amounting to Rs. 8,49,000. 00 of M. s N. M. Urethene Catalysis Private Limited, and the drawee of the said bill dated 18-12-1995 is the first respondent. The respondents gave personal guarantee of their plant and machinery and also factory premises to the bill discounting facility extended to them. The fifth respondent stood as guarantor for bill discounting facility extended to them vide his undertaking letter dated 18-12-1995. It is also signed by the partners of the first respondent. The fifth respondent gave his plot described in the petition. The respondents have not cleared their dues to the petitioner Company, as per the statement of account, calculated upto 31-7-1997 and the total outstanding is Rs. 7,78,643-00. A cheque bearing No. 266025, dated 10-6-1996 drawn a Punjab National Bank, Hyderabad was issued to the petitioner by the respondents and was bounced. It was returned with endorsement "exceeds arrangement" vide their bankers Memo dated 13-6-1996. Inspite of reminders and notices the respondents