Pinaki Chandra Ghose, CJ.

1. This Writ Appeal by the appellant-writ petitioner is directed against the order of the learned Single Judge dated 21.8.2012 in W.P.No.6842 of 2000 dismissing the writ petition filed by the appellant to declare the action of the Mandal Revenue Officer, Khairatabad Mandal – 2nd respondent in initiating proceedings No.A2/39/98 dated 6.1.2000 under the provisions of the A.P. Revenue Recovery Act, 1864 for payment of Rs.56.80 lakhs with interest at 6% p.a. payable to the Andhra Pradesh Industrial Development Corporation Limited, Hyderabad without deciding his liability to the Corporation as arbitrary, illegal and without jurisdiction.

2. The parties will be referred to by their status in the writ petition.

Brief facts leading to the controversy are:

(a) M/s Rama Organics Private Limited, Hyderabad (for short ‘the Company’) dealing in bulk drugs was initially incorporated by three promoter Directors, namely, Mr.P. Seshagiri Rao, Mr. A. Nageswara Rao and Dr. A.K. Chatterjee. Andhra Pradesh Industrial Development Corporation (for short ‘the Corporation’) sanctioned term loan of Rs.56.80 lakhs to the Company on 13.11.1984 and another term loan of Rs.1