1, 2 and 3 executed deeds of guarantee undertaking to pay the amount due to the bank as guarantors in the event of the principal borrower being unable to pay the same.
The following preliminary issue was, on the pleadings of the parties, framed Whether the claim of the plaintiff is number maintainable in view of the provisions of Act No.
3 under the Industries Development and Regulation Act, advanced some money to the said respondent No.
4 became sick and proceedings were initiated under the Sick Textile Undertakings Nationalisation Act, 1974 for short the Act .
57 of 1974 as alleged in para.
3 which had taken over the management of respondent No.
The appellant filed suit for recovery against the guarantors and the principal debtor of the amount claimed by it.
In respect of the advance so made, respondents Nos.
The appellant had, after respondent No.
Subsequently, respondent No.
