A.L.Bahri, J.

1. Vide this judgment four company appeals (C. A. Nos. 8 to 13 of 1986) are being disposed of as they have arisen out of the common judgment and decree dated November 1, 1985*, of the company judge in two company petitions (C. P. Nos. 69 and 75 of 1982). While allowing the aforesaid petitions, the company judge passed a decree in favour of the plaintiff, State Bank of India, against the borrower-company (now in liquidation) and others, guarantors. The present appeals have been filed by the different guarantors.

2. The borrower-company is defendant No. 1, Depro Foods Ltd. It entered into an agreement with the State Bank of India, New Delhi branch, which was to stand as guarantor for payment of the money to a foreign company from whom Dcpro Foods Ltd. was to import machinery. The price of the machinery was payable in instalments and the company was to make payment to the State Bank of India in instalments. This agreement was entered into on June 26, 1970, and this contract is known as "deferred payment guarantee". Defendants Nos. 2 to 6 stood guarantee and property of defendant No. 8 was equitably mortgaged. When two instalments became due, the bank recovered th