VINOD K. SHARMA,J.

1. This petition, under Sections 31(a), 31(1)(aa) r/w 32 of the State Financial Corporation Act, 1951, has been moved by Tamilnadu Industrial Investment Corporation Limited, for recovery of a sum of Rs.1,91,71,016/-(Rupees One Crore Ninety One Lakhs Seventy One Thousand and Sixteen only).

2. The petitioner is a financial institution under the State Financial Corporation Act, 1951, it advanced a term loan of Rs.11,80,000/-(Rupees Eleven Lakhs Eighty Thousand only) to the first respondent, a proprietary concern of respondent no.2. The respondent no.1, besides hypothecating the machinery, also executed a personal irrevocable guarantee, in favour of the petitioner. The loan amount was also secured by way of collateral security of immovable property of respondent no.3, who stood surety for the loan.

3. The schedule mortgage property is detailed as under:

"SCHEDULE-A

ITEM 1: All that pieces and parcel of land situated at Thirumazhisai Village, Sriperumpudur Taluk, Chengai Mgr District bearing Plot No.113, comprised in S.No.106 measuring to an extent of North by 106 feet, South by 98 feet, East by 58 feet and West by 53 feet in total 5661 sq.ft bounded on