ORDER

Krishnan Ramasamy,J.

Petitioner is one of the guarantors for the loan amount extended to M/s.Rohini Textiles Industries (P) Ltd., in short ''the Company'', by the respondent banks. Apart from the petitioner, his wife, son and daughter-in- law also stood as guarantors for repayment of the loan amount of the respondent banks.

2. The respondent banks sanctioned a loan of Rs.120.00 crores to the company. To secure the said loan, the company also provided primary securities of its fixed assets valued at Rs.141.83 crores as on 13.03.2015 and further assets were procured using enhanced financial assistance extended by the first respondent. The primary securities of all the Units as on 31.03.2016 were at Rs.249.00 crores. Therefore, the petitioner contended that the banks are fully secured by the primary securities in the nature of private properties of the promoters.

3. Due to age factor, the petitioner was retired from the directorship of the company and the company was left with the management of his son and daughter-in-law, and the wife of the petitioner as a nominal Director.

4. In September,2016, the petitioner's son and daughter-in-law tried to sell the SIPCOT Processing House loca