1. Heard Mr. Pangam, learned Counsel appearing on behalf of the petitioner and Mr. Menezes, learned Counsel appearing on behalf of respondents no. 2 to 4. None present for respondent no.1.

2. In terms of order dated 24/9/2013 passed by this court, respondents were already notified that the petition may be heard and disposed of finally at the admission stage.

3. Rule. Rule is made returnable forthwith. Mr. Menezes waives service of notice on behalf of the respondents no. 2 to 4. By consent heard forthwith.

4. By this petition, the petitioner has challenged the order dated 21/09/2011 passed by the learned Principal District Judge, North Goa, Panaji ('trial Court' for short) in Civil Miscellaneous Application No.143/2008.

5. The petitioner, which is a deemed “Financial Corporation” under Section 2(b) of the State Financial Corporations Act, 1951 (SFC Act, for short) and to which the provisions of Sections 29, 30 and 31 of SFC Act apply, in view of Government of India Notification dated 4/1/1993, had sanctioned and disbursed an aggregate term loan of Rs.63,35,000/- to respondent no.1, and the respondents no. 2 to 4 gave continuing guarantees for repayment of the said loan liabilit