( 1 ) M/s. Harish Tara Refractories Private Limited, the petitioner herein, is a company having its registered office at No. 31/g, Beadon Row, Calcutta. The company carries on business at Mccluskuegang, Ranchi in the State of Bihar. The petitioner company had entered into several agreements with the State Bank of India, Main Branch, Ranchi, the Respondent No. 3 herein, for cash credit and other facilities. The case of the State Bank of India is that there were various dealings and transactions between the parties and a large sum of money became due and payable by the petitioner company to the Bank. The admitted liability of the petitioner company "as on 1st Oct, 1979 was Rs. 31,18,993,55 P. (inclusive of stamp costs ). The petitioner company formally closed its business on or about 16th Aug, 1977 and as it had no chance of revival, the bank called upon the petitioner company to pay the accumulated dues together with interest. The Directors of the Company who had guaranteed the repayment of the loans advanced by the State Bank of India were also called upon to pay off the loan amount. Since the repayment of the loan was not made in spite of demands, on or about 8th Dec