J U D G M E N T

The Writ Petition has been filed mainly seeking for a direction to restrain the respondents 1 to 3 from proceeding against the properties belonging to the petitioners mentioned in Exts.P2 and P3 before proceeding against the property belonging to the 4th respondent, who is the principal debtor .

2. The basic facts required for adjudication of the case as in the pleadings reveal that the 4th respondent had availed a loan of ` 73 lakhs from the Kerala Financial Corporation (KFC) in the year 2000. The petitioners and some others were the co- obligants for the loan. Inspite of the assurances and undertaking given to have the liability cleared, also by availing the benefit of OTS by the 4th respondent and granting the same, no positive step was taken to clear the liability; under which circumstance, there was no other alternative for the the KFC, but to proceed against the property of the petitioners. It was in the course of such proceedings, that they sought to approach this Court by filing the above Writ Petition.

3. With reference to the materials on record, particularly, the contents of the counter affidavit filed by the respondents 1 and 2 dated 9th September, 2010, th