1. Heard learned Sr. counsel, Mr. S.M. Chakraborty assisted by learned counsel, Ms. P. Sen for the petitioners and learned Sr. counsel, Mr. S. Deb assisted by learned counsel, Mr. P. Dutta for the respondents.

2. Kiran Sankar Modak, since deceased, (herein-after mentioned as borrower), the predecessor of the present petitioners, took a loan of total Rs. 19,55,000/- in the year 1990-91 for setting up/running a hotel business namely “Hotel Kakoli” at Post-office Chowmohani, Agartala, from the Tripura Industrial Development Corporation Limited (for short, TIDCL) and the loan was sanctioned under certain specific terms and conditions of repayment by installments with interest. Loan agreements were also signed between the borrower and TIDCL (Annexure-P/1, P/2 and P/3 to the writ petition) and further the borrower hypothecated the hotel building with assets to the TIDCL. An equitable mortgage was also created by the borrower by depositing the title Deed of the land of “hotel Kakoli” which is admittedly a very valuable land. The borrower failed to make payment in terms of the agreements and only an amount of Rs. 4,33,000/- was paid by the borrower to the TIDCL. There is