1. The 4th respondent owns Mohan Industries, Ottappalam, where he makes steel furniture. He also owns a rice mill. The factory and the rice mill are situate in the same premises. He created an equitable mortgage over these premises, the factory thereon with all fixtures therein, and over some other items of immovable properties in favour of the petitioner-Bank. The mortgage was on 25 51967 and for Rs. 2,00,000/-Rs. 1,50,000/-then due from him to the Bank and Rs. 50,000/-upto which he may draw from the Bank thereafter. The Bank instituted a suit, O.S. No 26 of 1972 on the file of the Sub Court, Ottappalam, on this mortgage. That Court on 29 111973 passed a preliminary decree for sale, the decree amount being Rs. 3,31,084.57 with future interest. Before the preliminary decree under orders of Court the Bank removed into its custody some of the fixtures of the factory.

2. On 19 21972 the 4th respondent entered into Ext. RI contract with the Government agreeing to hull levy-paddy entrusted to him by the Civil Supplies Department. It appears that he failed to return 2136.700 quintals of paddy entrusted to him for hulling and that he is liable to the Government for the price th