CENTRAL BANK OF INDIA Vs. SIGNS INDIA

JUDGEMENT

(1.) THIS revision petition has been filed by the petitioner-Central Bank of India, aggrieved by the order passed in LA. No. 1686/99 in O. A. No. 1042/98 on the file of the Debt Recovery Tribunal, madras dated 30. 11. 1999. The petitioner filed O. A. No. 1042/96 against the respondents 1 to 4 for recovery of a sum of Rs. 76,09,119. 63 with interest at the rate of 23. 25% per annum.

(2.) AT the instance of the petitioner, the Tribunal Passed the order dated 5. 11. 1998 directing the Garnishee Hoogly River Bridge Commission, calcutta to issue a cheque in favour of the petitioner for the amount payable by the respondents 1 to 4 and directing the Bank to pay the dues due to the sub-contractor TISCO and a sum of Rs. 50,000/- to the second defendant out of the amount received and realise the balance in the application until further orders.

(3.) THE said TISCO filed an application in LA. No. 528/99 before the tribunal seeking to direct the Hoogly River Bridge Commission to pay the amount directly to them instead of getting the payment through the petitioner bank as per the order dated 5. 4. 1999. In the said order dated 5. 4. 1999, the tribunal rejected the said application stating that no modification is needed. Thereafter, the Bank filed the present I. A. No. 1686/99 to modify the order passed by the Tribunal in I. A. No. 528/99 and permit the petitioner to take entire amount received from M/s Hoogly River Bridge Commission. The said application has been rejected by the Tribunal. Aggrieved by the same, the petitioner-Bank has filed the above revision.