1. Heard Mr. RL Yadav, learned counsel appearing on behalf of the petitioners and Mr. R De, learned counsel appearing on behalf of the respondents.

2. The present petitioner is a partnership firm having its office and place of business at Haibargaon in the district of Nagaon, Assam. The petitioners No. 2, 3 and 4 are its partners and the said firm applied for loan to the extent of Rs. 2 Crores from the respondent No. 1, ICICI Bank Limited. The petitioners pledged wheat valued at Rs. 2 Crores by the said loan and the respondent No. 1 took 4 (four) blank cheques from the petitioners as security against the said loan. An agreement was executed between the parties to that effect where after the petitioners purchased 2269.34 MT of wheat and stocked in the warehouse at Senchuwa, Nagaon under the lock and key of the respondent No. 1 Bank as the same was pledged goods against the finance of Rs. 1,70,88,659/-. The market price of the wheat nosedived and at that relevant point of time the petitioners received liquidation notice and the Bank informed that on failure to pay the amount they would initiate action against the petitioners. The petitioners prayed for 4 months time