JUDGMENT

A. K. GANGULY, J. — This writ petition has been filed by the guarantors to the loanee who obtained loan from the State Bank of India, Bhubaneswar, Industrial Estate Branch (hereinafter re¬ferred to as the ‘SBI’). The petitioners are also erstwhile Managing Director and Director of M/s. East End Engineers (P) Ltd., which is a Company under the Companies Act and the loanee from the Bank.

2. The material facts of the case are the said Company, namely, M/s. East End Engineers (P) Ltd. took loans from SBI after executing security documents and creating equitable mortgage of immovable property supported by the guarantee of the petitioners. In order to realise its loans, SBI filed on 28.7.1993 a suit in the Civil Court being TMS No. 207 of 1993. Thereafter the said company was declared sick and under the provisions of SICA the BIFR made a recommendation under Section 20 of SICA for its winding up. On the basis of such recommenda¬tion by the BIFR, winding up proceeding commenced before the learned Company Judge of this Court. The final winding up order has not yet been passed. In the said winding up proceeding, the Official Liquidator and Registrar of Company have been noticed and