Chitra Venkataraman, J.

This writ appeal is against the order of the learned single Judge in W.P.M.P.No.44088 of 2005 in W.P.No.41049 of 2005 dated 13. 2007, granting an order of stay in favour of the writ petitioner on the ground that there was no notice to the writ petitioner herein before the transfer and assignment of the book debt with the securities of the first respondent to the second respondent by the appellant herein, namely, the State Bank of India.

2. The writ petitioner, the first respondent herein, availed financial facility of a sum of Rs.64 lakhs in the form of term loan, working capital finance and cash credit facility from the appellant herein in the year 1982. It is stated that the first respondent was engaged in the manufacture of railway wagons and allied products. Due to various problems, the writ petitioner suffered setbacks in his business activities. It is also stated that the squeezing of credit limits by the appellant also had its impact on the functioning of the first respondent company.

3. The first respondent owed a sum of Rs.77.80 lakhs as on 212. 1990. The liability of the writ petitioner/first respondents closely held company M/s.Llaser