( 1 ) HEARD Sri A. K. Mishra, counsel for the petitioner, Sri Anurag Khanna, appearing for respondent No. 3 and learned standing counsel. By this writ petition, the petitioner has prayed for a writ of mandamus directing the respondents not to arrest the petitioner in pursuance of the recovery proceedings initiated against him by Citation No. 072219 dated 30th October, 2002.

( 2 ) THE facts giving rise to this writ petition briefly stated are :

"petitioner is one of the Directors of a Private Limited Company, namely, Allahabad Fertiliser sales Private Limited. A loan of Rs. 73,00,000 was taken from the respondent No. 3 by the aforesaid company. The company failed to repay the loan as a consequence of which proceedings for recovery was initiated against the Directors. A citation dated 14th October, 1997 for an amount of Rs. 1,46,40,165. 98 was issued against which Writ Petition No. 42659 of 1997, was filed. The writ petition was finally decided on 24th April, 1998, by which Directors were permitted to sell of its company and its assets. However, the Directors were unable to sell the company and repay the loan. Another citation dated 19. 7. 1999, for an amount of Rs.