Permod Kohli, J.

A Company, under the name and style of Punjab Malt Private Limited came to be incorporated on 1st December, 1973 having been promoted by the petitioner and her husband, namely, Ranjit Singh along with Mr. L.M. Thapar and late Kanwar Shamsher Singh who were also Directors of the Company along with the petitioner and her husband. The name of the Company was later on changed as "Punjab Malt Limited" (hereinafter referred to as "the Company"). The Company was set up as a heavily export oriented plant for the manufacture of malt from barley at Panchkula in Haryana, respondent No. 1 agreed to advance a loan of Rs. 30.00 lacs to the Company. The loan was secured by respondent No. 1 witty the mortgage of the assets and properties of the Company along with personal guarantee of the petitioner and her husband as also personal guarantee of Kanwar Shamsher Singh and another Director of the Company. The Company also secured loan from IFCL, Syndicate Bank and New Bank of India (now merged into PNB). The pari passu charge was created in favour of IFCI. It is admitted factual position that the unit did not take off and production never commenced. It is alleged that even t