- (1.) By way of this writ petition under Articles 226/227 of the Constitution of India, the petitioner craves the indulgence of this Court for quashing judgment dated 25.10.1999, Annexure P4, passed by the Debts Recovery Appellate Tribunal at Mumbai.
(2.) The brief facts of the case lie in a narrow compass as under :- State Bank of India, respondent No. 3, gave loan to the petitioner and respondent Nos. 4 to 9. On account of lapses in the payment of loan amount, the respondent No. 3 filed a civil suit for the recovery of Rs. 17,50,944.71 P against the petitioner and respondent Nos. 4 to 9. The said suit was decreed by the Sub-Judge 1st Class, Rewari on 20.12.1993, vide Annexure P1. Immediately after the passing of judgment by the Civil Court, Recovery of Debt Due to Banks & Financial Institutions Act, 1993 was legislated by the Government and by virtue of Section 31 of the said Act, all the suits and proceedings pending before the Courts stood transferred to the Debts Recovery Tribunal Jaipur, respondent No. 2. Respondent No. 3 instituted execution proceedings for the recovery of decretal amount before respondent No. 2 in the month of July, 1994 with a prayer for future interest @ 19.5% per annum with quarterly rests. The petitioner and the respondent Nos. 4 to 9 put up their case that the decree holder could claim only simple interest. The respondent No. 2 passed order dated 30.9.1997, copy Annexure P-2, that respondent No. 3 decree holder was only entitled to simple interest. The respondent No. 2 filed an appeal against the order dated 30.9.1997, Annexure P-2.
(3.) That respondent No. 1, vide impugned judgment, copy Annexure P4, reversed the decision of respondent No. 2 and allowed the appeal by making observations that the decree holder shall be entitled to interest 19.5% per annum with quarterly rests. The petitioner is aggrieved by order Annexure P4 and challenges the same in this writ petition on various grounds.;