Hon’ble Sudhir Agarwal, J.—With the consent of learned counsel for the parties, this Court heard the matter finally at this stage under the Rules of the Court and the same is being decided by this judgment.

2. The writ petition is directed against the order dated 14.12.2011 passed by Debt Recovery Appellate Tribunal, Allahabad (hereinafter referred to as “DRAT”) in appeals No. R-22 of 2011, R-23 of 2011, R-24 of 2011 and R-25 of 2011 whereby all the four appeals filed by Ballia Etawah Gramin Bank (hereinafter referred to “BEG Bank”) have been allowed. The petitioner has also challenged order dated 5.1.2012 dismissing its review application.

3. The facts in brief giving rise to the present dispute are as under:

4. Certain property of M/s Vidya Mandir Press, Varanasi comprise of plot No. 222/3 measuring about 0.36 decimal situated in Mohalla-Habibpura (now Pishachmochan) was auctioned publically on 4.1.1983, pursuant to recovery of labour dues. Respondent No. 8 Dr. Ramji Singh, Son of Late Vishwanath Singh was a successful bidder. The sale of aforesaid property was made absolute on 1.12.1985 in favour of respondent No. 8.

5. On 27.6.1988 a partnership deed was executed with an intention to construct a Cinema Hall on the aforesaid property and to exhibit motion pictures in the name and style of M/s Dr. Ramji Singh & Co. (hereinafter referred to as the “Firm”) with principal place of business at 64/49 B, Hirapura, Varanasi. The partnership consisted of Dr. Ramji Singh and Laxman Singh both sons of Vishwanath Singh; Sri Shivji Singh and Sri Markandey Singh, both sons of Sri Ram Narain Singh. It was stipulated in the said partnership deed that land, referred to above, was purchased jointly by the aforesaid parties, and, the same shall be deemed to be the asset and property of Firm constituted thereunder. Dr. Ramji Singh and Shivji Singh became partner with 26% share each and rest of the two were assigned 24% share each. Thereupon a Cinema Hall, known as “Ganga Palace” claimed to have been constructed sometimes in 1988-89. It is said that the aforesaid partnership was duly registered under Section 58 of Partnership Act 1932 (hereinafter referred to as “Act,1932”).

6. Later on a private Ltd. Company was incorporated in the name and style of M/s Ramji Properties & Hotels Pvt. Ltd. (hereinafter referred to as “Company”) registered under Indian Companies Act, 1956 (hereinafter referred to as “Act, 1956”) vide certificate of incorporation dated 20.3. 1990. The aforesaid four persons, namely, Dr. Ramji Singh, Sri Laxman Singh, Sri Shivji Singh and Sri Markandey Singh were promoters and Directors of the aforesaid Company.

7. On 23.3.1990, the Firm was reconstituted by inducting company as fifth partner. Shares of partners were reassigned by allocating 60% share to the company and 10% to each of the remaining four partners. This re-constituted firm was not registered. On 30.3.1990, Partnership Firm was dissolved due to retirement of all the four individual partners, namely, Dr. Ramji Singh, Laxman Singh, Shivji Singh, Markanday Singh. The firm’s properties etc. were taken over by Company. As already said, all the four retiring individual partners were Directors in the Company, but later on three of them except Dr. Ramji Singh retired and one Deepak Kumar Singh was appointed as Director on 30.9.1997. Sri Ratnesh Kumar Singh was appointed as Director on 30.9.2004.

8. The company secured commercial loan of Rs. 6 lacs from M/s Banaras Mercantile Co-operative Bank Ltd., Varanasi (hereinafter referred to as “Co-operative Bank”) on 16.9.2004 by depositing original title deed of land with Co-operative Bank. It is claimed that the aforesaid loan was fully satisfied by 17.12.2005 and a certificate to this effect was given by Co-operative Bank on 17.12.2005. The company again obtained a loan of Rs. 20 lacks from M/s Panjab National Bank (hereinafter referred to as “PNB”) by mortgaging land and building of Cinema Hall. However, the above loan is