HIMACHAL PRADESH FINANCIAL CORPORATION Vs. UNION BANK OF INDIA
LAWS(DR)-2003-10-8
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on October 28,2003

Appellant
VERSUS
Respondents

JUDGEMENT

K.S.Kumaran, - (1.)1st respondent-Union Bank of India (hereinafter referred to as 'the respondent-Bank') filed OA 473/98 before the Debts Recovery Tribunal, Jaipur (hereinafter referred to as 'the DRT) against the respondents 2 to 4 herein, (as defendants 1 to 3, hereinafter referred to as "the defendants 1 to 3"), and the appellant herein (as the 4th defendant, hereinafter referred to as "the appellant-4th defendant") for the recovery of money allegedly due to it.
(2.)The respondent-Bank also made a prayer as follows:
"That the plants and machineries hypothecated and purchased from the loan amount advanced towards the term loan and the entire stock, stored, purchased from the Cash Credit (Hypothecation) Loan Account be allowed to be taken in possession of the Bank from defendant No. 4 and in case the same is sold by defendant No. 4. Sale Value be decreed against defendant No. 4."

The learned Presiding Officer of the DRT passed the ex, pane final order dated 23.2.1999 holding that the respondent-Bank is entitled to recover from defendants 1 to 3 jointly and severally Rs. 18,88,590/- with interest and costs, and that the respondent-Bank is entitled to recover the said amount from the sale of the machines and goods hypothecated in favour of the respondent-Bank.

(3.)THE appellant-4th defendant then filed an application, supported by an affidavit dated 20.5.1999 to set aside the exparte final order passed against the appellant-4th defendant. From the records it is seen that the appellant-4th defendant also filed an application under Section 5 of the Indian Limitation Act for condoning the delay in filing the said application. .


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