Hon'ble Tarun Agarwal, J.—The petitioners are carrying on the business of designed jewellery in the name and style of Umrrao Jewels which was subsequently changed to Aum Jewels. The petitioners were having business relationship with the respondent-Vijaya Bank since 2006.

2. The petitioners applied for cash credit facility. The Bank vide its letter dated 31.1.2011 sanctioned a sum of Rs. 550.00 lakhs as cash credit facility for a period of one year, which was to be renewed on a year to year basis. While sanctioning the cash credit limit, the stocks of gold and diamond jewellery were hypothecated. A collateral security in the nature of half western portion of freehold residential/commercial property measuring 934.315 sq. yards situate at plot No. G/4, Civil Station, Allahabad having a market value of Rs. 698.91 lakhs was also given. It is alleged that after previous permission from the Bank, a Memorandum of Understanding dated 20.9.2011 was arrived at with Millan Developers for building a commercial property on the land situate at Allahabad which was duly registered on 20.9.2011. On 19.3.2012, the petitioners sought renewal of the cash credit limit for the financial year 2012