1. This Company Petition is filed by the assignee of the debt owed by Dayaanand Mills Limited, formerly known as D.C. Kothari Textiles Limited to the ICICI Bank. The respondent herein executed a deed of corporate guarantee for the debt due from Dayaanand Mills Limited to ICICI Bank, Limited, the original creditor of M/s. Dayaanand Mills. Limited.

2. The case of the petitioner is that under the loan agreement dated 14.03.1996, Dayaanand Mills Limited, one of the petitioner group companies, availed foreign currency loan of USD 4,185,268 from the erstwhile Industrial Credit and Investment Corporation of India. The respondent company guaranteed the loans availed by Dayaanand Mills Limited, (now under liquidation) formerly known as D.C. Kothari Textiles Limited. The said Dayaanand Mills Limited committed default in payment of the dues. When the creditor Bank wanted to take action against the borrower company, the respondent here in approached the Bank for a one time settlement, the borrower company being a group company of the respondent herein. As per the one time settlement, of the loan account, the borrower company agreed to discharge the agreed loan amount in three instalmen