CHAGLA, C.J.:- This is a petition by the Bank of India challenging an attachment levied by the Collector of Bombay under S.13, Bombay City Land Revenue Act, 1876, and also requiring the Court to prevent the Collector from selling the properties under attachment.

2. It appears that the Bank of India, the petitioners, advanced to the National Tube Wells Company a sum of Rs.2,50,000 on 14-2-1953. Respondent 3 guaranteed this loan. On 1-11-1951, a contract was arrived at between the State of Bombay and the National Tube Wells Company with regard to the National Tube Wells Company erecting 400 tube wells in the State of Bombay. Under this contract the tube wells had to be completed by 31-3-1953. On 12-6-1953, another agreement was arrived at between the State of Bombay and the National Tube Wells Company.

By this agreement the Government agreed to advance a sum of Rs.9,75,000 to the Company. This advance was guaranteed by the various directors of the National Tube Wells Company including respondent 3 and the extent of the guarantee of respondent 3 was Rs.2,56,125. Time for the performance of the contract was extended to 31-3-1955. The contract provided that the amount advanced by