ORAL JUDGMENT

(PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA)

1. The petitioner No.1, a Private Ltd. Company incorporated under the provisions of the Companies Act, 1956 has filed this petition through its Authorized Officer along with petitioner No.2, who is shareholder of the petitioner No.1-Company.

1.1. By this petition, the petitioners have challenged the action of the respondent Nos.1 and 2 in not removing the charge of the outstanding sales tax dues in attachment over Plot No.60/A for sale consideration of Rs.8 crores and Plot No. 60/B for sale consideration of Rs.7.5 crores situated at GIDC, Phase-I, Vatva, Ahmedabad.

1.2. It is the case of the petitioners that the aforesaid plots were belonging to one M/s. Choksi Tubes Company Limited (for short 'Chokshi Tubes'), who mortgaged the said plots against the term loan and working capital loan (on export) was given from the Export Import Bank of India (EXIM Bank) in the year 1999.

1.3. It appears that M/s Choksi Tubes obtained the loan from State Bank of India and Bank of India by creating joint mortgage and the construction thereon, all machinery, raw-material, stock, stock of current proceedings, semi full stock and all movable and