JUDGMENT

M.S. Ramachandra Rao, J. - The petitioner No.1 is a Partnership firm constituted on 11.01.2001 (Annexure R-3) dealing with Agricultural products and petitioner No.2 is one of its partners.

The 2002 /2005 KCC Loan (Crop Loan)

2. The petitioner No.1 had availed a loan from the Bank of India (for short 'the Bank') of Rs. 90 lakhs on 03.02.2002 in the shape of agricultural loan (Kisan Cash Credit) against hypothecation of standing crops at Village Lambra, Jalandhar District. In order to further secure the loan, another parcel of agricultural land measuring 116 Kanal 13 Marla at the said village was mortgaged with the Bank. The said crop loan was availed for cultivation of potato upon the land owned by the petitioner No.1 as well as on other leased land taken by the petitioner in the adjoining area.

3. On 16.02.2002, petitioner No.1 availed an additional loan of Rs. 60 Lakhs enhancing the loan to Rs. 1.5 Crores, which was later enhanced to Rs. 3 Crores on 30.01.2005.

4. The 2009 Term Loan for construction of Cold Storage

5. In 2009, petitioner No.1 decided to set up a cold storage plant as the extensive cultivation of potato was requiring storage and there was no other provision for