Debangsu Basak, J.

The petitioners have sought for a direction upon the bank to release collateral securities and issue a 'no due' certificate in favour of the petitioner without imposing any foreclosure/prepayment charges and/or penalties.

2. Learned Advocate appearing for the petitioner has submitted that, the petitioner as the sole proprietor is carrying on business under the name and style of Magnum Industries. The petitioner had obtained credit facilities from the respondent no. 1 in terms of the sanction letter dated January 15, 2016. The petitioner had foreclosed the credit facilities. Upon such foreclosure being sought to be made, the bank had unjustifiably claimed foreclosure charges. The industrial unit of the petitioner being classified as small scale by the State of Assam and the petitioner being an individual borrower under the relevant guidelines issued by the Reserve Bank of India, the respondent no. 1 is not entitled to levy any foreclosure charges. In support of such contention learned Advocate for the petitioner has relied upon a Circular dated May 7, 2014 issued by the Reserve Bank of India.

3. Learned Advocate for the petitioner, in his usual fairness has