By the Court.—In these writ petitions the petitioners have prayed for quashing the recoveries issued by the Assistant Collector, Grade-I, Saraswati Vihar, Delhi, against them on the directions of the Deputy Commissioner (Assessment) Trade Tax-8, Ghaziabad for recovering trade tax dues of Rs. 2,95, 67, 763/- including interest vide recovery certificate dated 4.4.2000 and Rs. 14, 79, 90, 000/-; and Rs. 1, 50, 000/- vide recovery notice dated 14.7.2005 annexed to the writ petitions.

2. We have heard Shri Kunwar Saksena, learned counsel appearing for the petitioners. Shri S.P. Kesarwani, Additional Chief Standing Counsel appears for the State respondents.

3. Brief facts giving rise to the writ petitions are that the petitioners were directors in M/s Maharashtra Steels Limited-a Public Limited Company, South of G.T. Road, Ghaziabad, engaged in manufacture of Iron and Steel. The unit suffered losses on which it was declared as ‘sick industrial unit’ by the Board of Industrial Finance and Reconstructing, under the Sick Industrial Undertakings (Special Provisions) Act, 1985. A revival scheme was prepared in which the industrial unit was proposed to be run on the fresh infusion of f