UNION OF INDIA Vs. UCO BANK
HIGH COURT OF CALCUTTA
UNION OF INDIA
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SUVRA GHOSH,J. -
(1.)The Union of India is represented.
(2.)Respondent numbers 1 and 4 are represented and the other respondents are found absent on call despite service of notice upon them.
(3.)It is submitted on behalf of the petitioner that opposite party no. 3 Bharat Process and Mechanical Engineers Ltd. obtained credit facility from respondent no. 1 UCO Bank and defaulted in repayment of the same resulting in institution of a civil suit by opposite party no. 1. The petitioner stood guarantor to such loan to the extent of Rs. 250 lakhs. The civil suit was transferred before the DRT-1 and registered as T.A. No. 216 of 1994. The said case was allowed with the following observations:-
(i) "The UCO Bank, the respondent no. 1 herein was entitled to realize a sum of Rs. 1,92,12,957.92p. from the defendant no. 3;
(ii) The UCO Bank, the respondent no. 1 herein was also entitled to realize a sum of Rs. 2,16,13,312.35p. from the Petitioner and Respondent no. 3 jointly;
(iii) The respondent no. 1 (UCO bank) was entitled to realize interest at the rate of 19.5% per annum on the aforesaid certificate amount;
(iv) The respondent no. 3, Bharat Process and Mechanical Engineers Ltd. was restrained from selling and/or transferring its suit property;
(v) The respondent bank was entitled to realize its certificate amount by sale of the suit property and certificate was directed to be prepared;"
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