GOPAL KRISHNA JOSHI Vs. UNION BANK OF INDIA
LAWS(DR)-2004-8-7
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on August 17,2004

Appellant
VERSUS
Respondents

JUDGEMENT

K.S.Kumaran, - (1.) THIS is an appeal by defendants 4 to 6 in O.A. 371/98 (hereinafter referred to as 'the appellant-defendants 4 to 6') before the Debts Recovery Tribunal, Jaipur (hereinafter referred to as 'the DRT') against the final Order dated 26.7.2001 passed by the DRT, in favour of the 1st respondent-Union Bank of India (hereinafter referred to as 'the respondent-Bank).
(2.) The respondent-Bank filed the said O. A. against six defendants (namely, respondents 2 to 4 herein, who are defendants 1 to 3, and hereinafter referred to as the respondent-defendants I to 3 and appellants herein who are defendants 4 to 6) for the recovery of Rs. 88,56,535.16 with interest thereon @ 17.34% per annum with quarterly rests from the date of O.A. till recovery. The learned Presiding Officer of the DRT passed the final Order dated 26.7.2001, and ordered that the respondent-Bank is entitled to recover this amount from the appellant-defendants 4 to 6 and the 1st defendant-company with interest @ 6% per annum from the date of O.A., and held that respondent-defendants 2 and 3 are not liable for this amount. Aggrieved, the appellant-defendants 4 to 6 have filed this appeal. The respondent-Bank has filed a suitable reply opposing the appeal. I have heard Counsel for both the sides, and perused the records.
(3.) THE learned Counsel for the appellants stated that the Recovery Certificate has been issued for a sum of Rs. 88,56,535.16 with interest @6% per annum from the date of O.A. till. recovery, but the appellants have settled the matter with the respondent-Bank, and have paid about Rs. 97 lakhs in pursuance of the compromise with the respondent-Bank. This was not disputed by the learned Counsel for the respondent-Bank also.;


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