( 1 ) THIS writ petition has been filed for a writ of certiorari to quash the impugned letter dated 8-3-2003. Annexure 3 to the writ petition issued by the respondent Bank of India. The petitioner has also prayed for a mandamus directing the respondent Bank to accept one time settlement offer of the petitioner as contained in the letter dated 4-3-2003, Annexure 2 to the writ petition.

( 2 ) HEARD learned counsel for the parties.

( 3 ) THE petitioner is a Private Limited Company registered under the Indian Companies Act and is having its factory at Sikandra Industrial Area, Agra. The petitioner took a loan from the respondent Bank whose sanctioned limit is Rs. 27 lacs as stated in paragraph 5 of the writ petition. It is alleged in paragraph 6 of the writ petition that the factory ran into financial difficulties soon after the production began because of the low demand in the market of the petitioners product. Hence the petitioner could not achieve the expected profits and hence could not meet the interest liability on the loan. It is alleged in paragraph 7 of the writ petition that the Reserve Bank of India framed guidelines dated 27-7-2000 for recovery of dues relating