DEBANGSU BASAK, J.

1. Three writ petitions have been heard analogously. An interim application has also been taken up for consideration. W.P. No. 1144 of 1999 is the first in point of time. For the sake of convenience it is referred to as the first writ petition. W.P. No. 2146 of 2002 is the second writ petition in point of time and is referred to as the second writ petition. W.P. No. 2343 of 2002 being the third writ petition in point of time, is referred to as the third writ petition.

2. Learned Senior Advocate appearing for the petitioners has addressed the Court on the basis of the third writ petition. The first and third writ petition are at the behest of a partnership firm and their partners are claiming that the partnership firm carries on business of mobilizing investable funds of the general public in various schemes of the financial institutions and debentures of large corporate houses. The second writ petition is at the behest of a person, who has claimed that there exists a contract for insurance between him and the insurance company. All the petitioners have claimed that, the insurance company is not entitled to cancel the existing contract of insurance.

3. Lear