M.M.S. Bedi, J.—The present case is an astonishing instance of unreasonable and unfair attitude exhibited by the officials of Punjab and Sind Bank, a nationalized Bank, by unlawfully and fraudulently forfeiting the proceeds of the Fixed Deposit Receipt of year 2007 for a sum of Rs. 5 crores on the flimsy defence that the bidder failed to deposit the balance of sale consideration of non-performing financial assets of M/s Tensile Steels Pvt. Ltd. despite the fact that the sale is absolutely impossible on account of judicial orders and the defaulter Company having settled the matter with Bank on payment of all dues.

2. Petitioner No.1 is a Company registered under the Companies Act, 1956. Petitioner No.2 is a share holder of the Company and it carries on the business of petitioner No.1 through the agency and/or instrumentality of petitioner No.1 Company. In the course of business, petitioner No.1 indulges in acquiring and entering into the agreements with interested parties for purchase of assets of sick companies or the companies in liquidation having suitable immoveable properties for the purpose of development. Respondent No.1 is a scheduled Bank as stated in the First Sch