M. M. KUMAR, J.

1. This order shall dispose of C. W. P. Nos.1152,1239, 1240 and 1241 of 2007 as all the petitions relate to one group of companies. Even questions of law and facts involved are common to all the petitions. However, the facts are being referred from C. W. P. No.1152 of 2007, which has been filed under Article 226 of the Constitution with a prayer for issuance of direction to the State Bank of Patiala-respon-dent Nos.1 and 2 to settle the loan account of the petitioner-company in terms of the guidelines/directives issued by the Reserve bank of India-respondent No.3 from time to time for settlement of accounts which have been rendered Non-Performing Asset (N. P. A. ). The petitioner-company has also sought further direction to respondent No.3 to exercise its power under the Banking regulation Act, 1949 (for brevity, the Act)and get the guidelines/directives for the settlement of NPA account enforce by issuing directions/instructions to the respondent Bank. It has still further been prayed that sale notice dated 23-12-2006 (P.17) be quashed.

2. Facts in brief are that the petitioner-company is a Private Limited Company, which was incorporated on 11-2-1988 under