JUDGMENT

Arindam Mukherjee, J. - The petitioner no. 1 is a Rice Mill. On or about 22th July, 2005, the petitioner no. 1 made an application for sanction of a Term Loan amounting to Rs.108 Lakhs and a Working Capital Loan amounting to Rs.40 lakhs to the United Bank of India, a nationalized bank at its Sainthia Branch (hereinafter referred to as the said bank). The said two facilities were given to the petitioner no. 1 on 5th September, 2005. To avail the credit facilities, the petitioner created an equitable mortgage of a land with building at Ward no. 1, P.O. Sainthia, Khatian no. 432, Dag no. 45, J.L. No. 95 measuring about 10 decimals standing in the name of petitioner no. 2. The value of which was Rs.20 lakhs on or about 5th September, 2005. The petitioners also created an equitable mortgage of a land with twostoried building also at Ward no. 1, P.O. Sainthia, P.S. Suri, having an area of about 9 decimals standing in the name of one Gayatri Saha, the value of which as on 5th September, 2005 was approximately Rs. 30 lakhs. The properties so mortgaged are hereinafter for the sake of convenience jointly referred to as "mortgaged properties ".

2. Submission of the Petitioners:-

a) Th