PUNJAB & SIND BANK Vs. DEBTS RECOVERY APPELLATE TRIBUNAL AND OTHERS
SUPREME COURT OF INDIA
PUNJAB AND SIND BANK
Debts Recovery Appellate Tribunal and Others
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KURIAN, J. -
(1.) Leave granted.
(2.) The appellant -bank is aggrieved by the impugned judgment dated 07.04.2008 of the High Court in C.W.P.
No. 7730 of 2007. The appellant had challenged the
order dated 09.01.2007 passed by the Debt Recovery
Appellate Tribunal, New Delhi in Misc. Appeal No.134
of 2006 whereby the respondent No.2 herein had been
ordered to be deleted as a defendant/guarantor in the
Original Application No.343/2004, pending before the
Debt Recovery Tribunal, Chandigarh.
(3.) The High Court at page 7 of the impugned judgment has held as follows :
"From the above pleadings of the parties, it is crystal clear that the bank has admitted that respondent No.2 had resigned from the Board of Director of respondent No.3 -Company and another Director has executed a fresh guarantee substituting him. Thus, it does not lie in the mouth of the petitioner bank to say that respondent No.2 is not absolved of his liability even from the documents placed on record. The stand of the petitioner bank to the effect that the guarantee deed executed by respondent Nos. 4 and 5 on 13.5.2003 was additional guarantee, is falsified from fresh guarantee deed, executed by respondent Nos. 4 and 5, which shows that they had executed this guarantee deed for a sum of Rs.6,70,51,800.85 Ps., the exact amount, which was outstanding on that day. We also find that the loan amount of the petitioner bank has been secured by respondent company by executing mortgage deeds of sufficient valuable properties. In addition personal guarantees have also been executed by respondent Nos. 4 and 5." ;
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