( 1 ) HEARD the learned counsel for the parties and perused the records.

( 2 ) THE petitioner has preferred this writ petition under Article 226 read with article 227 of the Constitution of India for quashing the proceedings arising out of case No. SDM/cl/2001/ 13, where by a demand has been raised for recovery of a sum of Rs. 1,90,63,344. 40 as arrears of land revenue by U. R Finance Corporation. He further prays for deleting him from the array of judgment debtors in the recovery proceedings.

( 3 ) THE admitted facts of the case are that M/s. Apex Leathers (P) Ltd. hereinafter called as the borrowing/obligent company, applied for grant of loan and an agreement was executed on 25. 5. 1992 between the company through its Directors and the U. R Financial Corporation, hereinafter referred to as U. P. F. C. Under the agreement, a loan of Rs. 82 lacs was sanctioned by the U. P. F. C. Out of this sanctioned sum a sum of Rs. 74,45. 336/- was paid to the borrower company. For repayment of the loan personal guarantees were given by (1) Sri Sandeep Singhal, (2) Sri Parag Singhal, (3) Sri S. R Singhal, (4) Sri J. S. Gupta, (5) Sri Sadek Chand and (6) Sri V. P Gupta, All the