JUDGMENT

The petitioner is a guarantor in respect of the credit facilities availed by a company known as M/s. Scot Free Steels Limited from the Palakkad branch of the respondent Bank. As on 29.8.2022, the total amounts due from M/s. Scot Free Steels Limited is stated to be Rs.4,77,32,129/-. The petitioner is also a co- obligant in respect of credit facilities availed by an associate business enterprise (a registered partnership firm) known as M/s. Premier Alloys, which also owes money to the respondent bank. The total amount claimed by the respondent bank from M/s. Premier Alloys is Rs.8,47,32,369/- as on 29.8.2022. It is not in dispute that eight items of properties, out of which six are common (to both loans) are mortgaged with the respondent bank as collateral security by way of equitable mortgage. The total liability in respect of the facilities extended by the respondent Bank to M/s. Scot Free Steels Limited and to M/s. Premier Alloys is Rs.13,24,64,498/-.

2. The petitioner has approached this Court stating that the petitioner, as a guarantor in respect of the facilities extended to M/s. Scot Free Steels Limited and as a co-obligant in respect of facilities extended to M/s. Prem