Jawahar Lal Gupta, J. - Are the provisions of the "Recovery of Debts Due to Banks and Financial Institutions Act, 1993" (Act No. 51 of 1993) ultra vires and unconstitutional? This is the short question that arises for consideration in these two petitions. Counsel for the petitioners have referred to the facts as averred in Civil and Writ Petition No. 12901 of 1996. These may be briefly noticed.

2. On September 8, 1986, the Bank of India (Respondent No. 2) granted a cash credit limit of Rs. 15 lacs to the petitioners. On October 20, 1987, the limit was enhanced to Rs. 25 lacs. It was further enhanced to Rs. 35 lacs on October 21, 1988. The stocks, plant and machinery belonging to the petitioners were hypothecated with the second Respondent-Bank. In addition, agricultural land measuring about 70 kanals was mortgaged.

3. Presumably, there was default in repayment. On January 5, 1994, the Respondent-Bank field a suit for recovery of Rs. 41,01,522/- with future interest at the rate of Rs. 18.25% per annum with quarterly rests by sale of mortgaged properties and hypothecated goods against the petitioners. It also filed an application under Order 38 Rule 5 of the Code of Civil Pro