Hon’ble Shishir Kumar, J.—This writ petition has been filed for quashing the recovery citation dated 20.9.2000 issued by respondent No. 3, Annexure-1 to the writ petition. Further prayer is for issuing a writ in the nature of mandamus commanding the respondent-Corporation to act in accordance with the terms of the agreement and either to disburse the remaining term loan to the petitioner or to dispose of the unit of the petitioners.

2. The facts arising out of the writ petition are that the petitioners No. 1 and 2 promoted a private limited company in the name of Jai Santoshi Chemical Industries Private Limited which was incorporated under the Companies Act 1956 with the Registrar of Companies , Kanpur and it was registered. The land belongs to U.P. State Industrial Development Corporation and was leased out to the company set up by the petitioners for a period of 90 years. Respondent No. 4 sanctioned a term loan of Rs. 65 lacs to the unit of the petitioners for the purpose of setting up an unit to manufacture I.P. Great Menthol Crystal, Menthol Flags and D. Menthol Oil. The petitioners in pursuance of the aforesaid agreement had brought in the entire promoters quota of Rs.