H.R. Panwar, J. - (1.) THIS appeal under Section 32(9) of the State Financial Corporation Act, 1951 (for short 'the Act' herein after) is directed against the judgment and decree dated 02.12.2000 passed by the Additional District Judge No. 2, Kota (for short 'the trial Court' herein after), whereby the application filed by the respondent Rajasthan Financial Corporation (for short 'the RFC' herein after) under Section 31(1)(aa) of the Act for recovery of sum of Rs. 4,09,132.34 was allowed and a decree for recovery of Rs. 3,92,469.34 after adjusting sum of Rs. 12,000/ - realised from the sale proceeds of the Industrial Concern of respondent No. 2 was passed.
(2.) AGGRIEVED by the judgment and decree impugned, the appellant who is a guarantor surety, has filed the instant appeal. The facts and circumstances giving rise to the instant appeal are that the respondent No. 2 M/s Nakoda Electrodes took a loan for establishment of industrial Concern and the defendant -appellant stood Surety and executed guarantee deed for re -payment of the loan advanced to respondent No. 2. When the respondent No. 2 failed to repay the loan amount taken from RFC, the respondent RFC filed an application for recovery of the outstanding loan amount of Rs. 4,09,132.34 under Section 31(1)(aa) of the Act before the trial Court. During pendency of the application, the industrial Concern of the respondent No. 2 was attached and thereafter put to auction sale and sold for a sum of Rs. 12,000/ -. The trial Court on appreciation of the evidence and the material placed before it, came to the conclusion that the respondent RFC is entitled for an amount of Rs. 3,92,469.34 from the respondent No. 2 M/s Nakoda Electrodes and the present appellant jointly and severally. Accordingly, a decree has been passed.
(3.) I have heard learned Counsel for the parties at length and carefully gone through the judgment and decree impugned as also the record of the trial Court.;