C.K.Mahajan, J. - (1.) . This is a suit filed by the plaintiff against the defendants for recovery of Rs. 5,24,734.01/- with costs and interest @ 18% per annum.
(2.) . Initially the present suit was filed by New Bank of India. Thereafter the said Bank was transferred to and vested in Punjab National Bank under Amalgamation & Transfer of Undertaking Scheme w.e.f. 4th September, 1993.
(3.) Briefly stated the facts of the present case are that the defendant No. 1 which is a private limited company has had dealings with the plaintiff Bank as a Principal debtor. Defendants 2, 3, 4 and 5 had been its Managing Director and/or Directors and they became guarantors for the discharge of the liabilities of defendant No. 1. Defendant No. 6 is a private limited company to whom the defendant No. 1 wrongly transferred by lease or otherwise their machinery etc. hypothecated to the plaintiff bank without its permission or consent.;