INDUSTRIAL DEVELOPMENT BANK OF INDIA Vs. STANDARD SHOE SOLE AND MOULD INDIA LTD
LAWS(DR)-2003-12-16
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on December 23,2003

Appellant
VERSUS
Respondents

JUDGEMENT

Harihar P.Chaturvedi, - (1.)THE case is fixed for final argument and for final order. THE contesting defendants has already filed written submission in support their case. THE D1 to D5 are already ex parte and hence the case is reserved for final order on post lunch session of 23.12.2003.
(2.)The applicant Bank has file a suit for a recovery of Rs. 11,00,17,992/- against D1 to D5 jointly and severally together with contractual rate of interest and costs of the proceedings from the date of filing of OA till the date of realisation. The applicant Bank, Industrial Development Bank of India is a body corporate established under the Industrial Development Bank of India Act, 1964 which is providing credit and other facilities for development of industries.
The D1 company which is registered under the provisions of Companies Act approached the applicant Bank as a principle borrower for the grant of loan, wherein D2 to D5 stood as a guarantor. The D6 to D10 are also a Banking institution who have sanctioning various financial institutions to D1 company and also claiming charge over the assets of the D1 company.

(3.)IN the present matter, D1 to D5 were absent and set ex parte on 29.4.2003. However, other defendants 6 to 8 alone have filed their reply statement which are proforma defendants and the applicant Bank is not claiming any relief against them in the present OA.


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