1. This order of mine shall dispose of F.A.O. Nos. 700 of 1989 and 701 of 1989 and Civil Misc. Nos. 3581-CII of 1991 and 3024-CII of 1991.

2. State Bank of Patiala (hereinafter called The bank), filed two suits against the Punjab Spinning and Weaving Mills Limited and others, for the recovery of Rs. 93,37,87612P and Rs. 84,03,020/40P. The appellants were impleaded as defendants in those suits as it was alleged that they stood as guarantors for the repayment of the loan given to the company. The appellants in their written statement have denied that they gave guarantee in their individual capacity. Their case is that they signed the documents in the capacity as. Directors of the company. The Punjab State Industrial Development Corporation (hereinafter called the PSIDC is the promoter of the company, holding majority shares of it.

3. During the pendency of the suit, the bank filed an application dated 7th of February, 1987, under Order 38, Rules 5 and 6 read with Order 39, Rules 1 and 2 of the Code of Civil Procedure (hereinafter called the Code) vide which the property of the company as well as of the Directors was sought to be attached. Along with the application, it also f