M.L. Singhal, J. - (1.) Punjab & Sind Bank filed suit for the recovery of Rs. 11,95,400/ - together with interest pendente lite and future interest at the rate of Rs. 19.5% + 2.5% per annum from the date of filing of the suit till its realisation in the High Court of Delhi under Order 34 Rule 4 CPC against M/s Maya Enterprises and others. It was prayed that the decretal amount be got recovered from the defendants whose liability was joint and several. It was also prayed that preliminary decree under Order 34 Rule 4 CPC be passed in favour of the plaintiff and against Ashok Kumar, Ravinder Kumar Sharma, Deepak Kumar Sharma and Mrs Parkash Nath wife of late Parkash Nath defendants No. 2, 4, 5 and 6 and against the immovable properties commonly known as B -35, Aruna Park, Shakarpur, Delhi and 190 -L, Model Town, Rohtak, Haryana. It was also prayed that the hypothecated stock in trade of iron and steel and/or of any other nature be also ordered to be sold and the sale proceeds thereof after deducting the expense for sale be paid to the plaintiff -bank. It was also prayed that in case the sale proceeds of the mortgaged properties and hypothecated stocks were found insufficient to satisfy the decree, decree be passed against the defendants against their person and personal properties.
(2.) This suit was decreed by the Debt Recovery Tribunal, Delhi at New Delhi and the defendants were ordered: (i) to pay a sum of Rs. 11,95,400/ - alongwith pendente lite and future interest at the rate of Rs. 19.5 + 2.5% per annum from the date of filing of suit, till its realisation in favour of the bank. (ii) the defendants shall also pay the cost of the suit. (iii) the defendants shall be jointly and severally liable to pay the said amount within four weeks from the date of receipt of this order. In the event of failure on the part of the defendants to pay the said amount within stipulated period, the bank shall be entitled to recover the said amount from the defendants by sale of hypothecated stock as per deed of hypothecation and mortgaged property No, B -53 (Plot No. 16), Aruna Park, Shakarpur, Delhi, forming part of Khasra No. 1057/477, village Mandawali Fazalpur, measuring 200 sq.yards and bounded as East: Plot of Mr Piara Lal, West: Plot of Sarbati Devi, South: Road 30 ft: North: Passage 7 ft and property No. 190 -L, Model Town Rohtak, Haryana measuring approximately 427 sq. yards and bounded as East: Kothi of Mr. Brij Lal Babbar, West: Road, North: Kothi of Mr. Brij Lal Babbar and South: Road. It was also ordered that if on the sale of hy - pothecated stock as per deed of hypothecation and the mortgaged property, the entire amount was not recovered, the balance shall be recovered from the defendants jointly and severally, This decree is dated 6.10.1998.
(3.) There was another decree in favour of the State Bank of India, Rohtak against M/s Ekta Industries Corporation, Industrial Area, Bahadurgarh through Sh. Ashok Ku -mar, Ashok Kumar, Deepak Kumar - sons of late Parkash Nath Sharma, Smt. Maya Devi -widow of Parkash Nath Sharma, Smt Shashi and Smt Janak -daughters of late Sh. Parkash Nath Sharma for the recovery of Rs. 5,20,982.48 P, with costs of the suit and future interest at the agreed rate. State Bank of India filed execution application against M/s Ekta Industries Corporation and Ashok Kumar etc. in which property bearing No. 190 -L, Model Town, Rohtak which was earlier mortgaged with the Punjab and Sind Bank was being sold. Objections were filed by the Punjab and Sind Bank in the Executing Court inter alia pleading that the property bearing No. 190 -L, Model Town, Rohtak had been mortgaged with the Punjab and Sind Bank on 19.2.1979. Those objections were contested by the State Bank of India and it alleged that the said property had been granted in their favour by Parkash Nath on 22.7.1980 by way of an equitable mortgage by way of depositing the copy of the sale deed dated 6.11, 1969 registered in the office of Sub Registrar. Rohtak as document No. 3111, Book No. 1 Vol. 416 at page 182 dated 11.11.1969.;