Briefly, it is case of the petitioners that in the year 2000, respondent No. 1 framed a scheme for the purpose of storage of food grains. Private parties were invited to construct the godown, for the purpose of hiring the same, by Punjab State Ware Housing Corporation. As per schemes, the godowns were to be further hired by Food Corporation of India. Initially, guarantee period for hiring the storage godowns was fixed as 7 years. However, subsequent thereto, it was increased to 10 years. The petitioners along with their co-sharers entered into an agreement with respondent No. 2 to provide storage godowns, after construction, as provided under the Scheme. As per agreement dated December 18, 2000, (P-3), petitioners were to construct godowns of the capacity of 10,000 metric tonnes at Dhuri. Construction was to be undertaken as per the guidelines issued by Food Corporation of India and Ware-Housing Corporation. Lease period was fixed as 10 years under a guarantee of payment of rent regularly. The possession of the godowns was delivered to respondent No. 2 in the month of January, 2001. Lease deed was also entered into between the petitioners and respondent No. 2 on January 25, 2002 (P-12). In the rent deed, it was specifically stated that respondent No. 2 undertakes guarantee to pay the rent, at agreed rate for a period of ten years from the date of occupation irrespective of utilisation of the godowns. Guarantee period was to come to an end on January 31, 2011. It is case of
