- (1.) By way of present petition, petitioner is assailing order dated 7.6.1999 passed by Debts Recovery Tribunal, Jaipur (hereinafter referred to as 'DRT'), as well as order dated 22.2.2010 passed by Debts Recovery Appellate Tribunal, New Delhi (hereinafter referred to as 'DRAT').
(2.) Facts of the present case inter alia are that petitioner (borrower) had availed cash credit hypothecation limit of Rs. 33 lacs; as per stock statement, duly verified by the bank (Annexure P-1) on 30.9.1994, hypothecated goods of Rs. 54,78,036/- were kept under the lock and key of the bank. As per statement of account Rs. 41,82,760/- were outstanding against the borrower on 19.10.1994. Undisputedly, bank got the stock insured for Rs. 55,00,000/- in the month of October, 1994. Undisputedly, respondent No.5 took over the land and factory in its possession on 17.10.1994 and put its lock and key on the premises. Undisputedly, borrower sent registered notice (Annexure P-2) dated 19.10.1994 to the bank requesting the bank either to sell the goods or to permit the petitioner to sell the hypothecated goods. Undisputedly, respondent No.5 vide letter dated 28.11.1994 (Annexure P-3) has assured the bank to provide full cooperation in disposing of the hypothecated goods, which were kept under the lock and key of the bank in the premises. Undisputedly, goods in stock in the lock and key of the bank were perishable goods and were completely destroyed in due course and now as per the latest valuation report called by the DRT, maximum price which could be fetched would be around Rs. 25,000/- only.
(3.) Initially a suit was instituted by the bank/respondent No.1 before the Civil Judge, Kharar for recovery of Rs. 60,47,053/- on 8.9.1995, which stood transferred to DRT.;