Hon’ble U.K. Dhaon, J.—Heard Sri Prashant Chandra, Senior Advocate, assisted by Sri Vivek Raj Singh and Sri Manish Singh for the petitioner and Sri V.B. Upadhya, assisted by Sri Sandeep Singh, Sri Anil Kumar Tiwari and Sri D.K. Pathak for the opposite parties.

2. The petitioner being aggrieved by the deed of assignment dated 16.1.2006 executed by the State Bank of India in favour of Kotak Mahindra Bank Ltd. has filed the instant writ petition under Article 226 of the Constitution of India.

3. The petitioner has alleged that he is Director and Guarantor of M/s Helios Confectionery Private Ltd. (hereinafter referred to as Helios Company), which is a small scale industrial unit situated in an industrially backward area of Sandila District Hardoi. The Helios Company was incorporated in the year 1996 and being the principal borrower availed financial facilities during the year 1996-97 from the State Bank of India for its project for the manufacture of Toffee and Candies at its factory located at Industrial Area, Sandila, District Hardoi. The Directors and promoters themselves mobilized a substantial amount of about Rs. 5 Crores for the project and the Bank funding was restricted