Anant S. Dave, J.

The petitioners, in both these petitions being guarantors of respondent No. 2 company and defaulters to the tune of more than Rs. 75 crores, have filed these petitions and as common question of law about exercise of powers under Article 226 of the Constitution of India vis-a-vis availability of alternative remedy under the statute arise for consideration, with consent of learned counsel for the parties, both the petitions are taken up for hearing.

2. In Special Civil Application No. 13529 of 2015, the petitioners/original defendant Nos. 2 and 3 are the directors of respondent No. 2 – original defendant No. 1 – M/s. Electrotherm [India] Ltd. and guarantors in the loan transaction entered into by the respondent No. 2 company with respondent No. 1 - Uco Bank on 04.09.2010 for short-term loan of Rs.50 Crores. The respondent No. 2 company through its authorised director, has signed and executed security documents viz. demand promissory note, letter of waiver, agreement relating to term loan, guarantee agreement executed by the petitioners/original defendant Nos. 2 and 3 and undertaking.

3. That Special Civil Application No. 14480 of 2015 is preferred by the peti