Navaniti Prasad Singh, J.

1. The petitioners are the husband and the wife. They were Directors of a Public Limited Company respondent No. 4, which has other Directors as well. The Managing Director of the said Company is Sri Parmeshwar Prasad, through whom the Company has been sued in the present proceeding.

2. Company has appeared in the matter.

3. The grievances of the petitioners are as against the proceedings taken under Section 13 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SRFAESI ACT) by the respondent Nos. 1, 2 and 3 being Bank of Baroda and its officers.

4. Many contentions were raised but I will deal with only one which is necessary for the purpose of disposal of this case.

5. Bank of Baroda has appeared.

6. Heard the parties and with their consent this writ application is being disposed of at the stage of admission itself.

7. When the Company was incorporated, the petitioner and the said Parmeshwar Prasad were Directors. The Company sought financial accommodation in the shape of inter alia cash credit facility from Bank of Baroda. For securing the same, the petitioners gave