( 1 ) HEARD Mr. Ashutosh Srivastava, counsel for the petitioners and Mr. Anil Kumar, for the respondent No. 3.

( 2 ) THE petitioners, Messrs. Lal and Kumar, is otherwise a proprietorship firm whose proprietor happens to be Heera Lal, Son of Sri Jamuna Prasad. Heera Lal, the petitioner No. 2, proprietor of the firm, aforesaid, is otherwise a contractor. His business is construction and building works. He took a loan from the Nagar Sahkari Bank Limited, Nagar Maha Palika Branch, Gorakhpur. The loan was against a cash credit limit given to him for running his business in 1989. This cash credit limit was extended to Rs. 15 Lacs. The petitioner mentions these facts in paragraph 5 of the writ petition. With a cash credit limit running to Rs. 15 lacs, the petitioner borrowed from the Bank on the basisof his credit worthiness. The Bank permitted overdrafts. While the petitioner was taking overdrafts against the cash credit limit provided by the Bank, the petitioner was slow in clearing his debts. The overdrafts remained and the Bank required the petitioner to makeup the deficit and wipe out the overdrafts. Instead of clearing the loans which he took against the overdrafts, the petitioner t

Click Here to Read the rest of this document