N.T. SEBASTIAN Vs. KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORPORATION LTD.

JUDGEMENT

(1.) THE appellant is questioning the legality and correctness of the order dated 23.6.2012 passed by the Court of Prl. District and Sessions judge, Bangalore Rural District, Bangalore in Misc. Petition No. 54/2010, whereunder the petition filed by the respondent Karnataka State Industrial Investment and Development Corporation Ltd. ('KSIIDC' for short) under Section 31(1)(aa) of the State Financial Corporation Act, 1951 is allowed directing the appellant to pay a sum of Rs. 1,35,21,187.36 as on 16.9.1998 jointly and severally payable by the respondent Nos. 2 and 3 therein with future interest at the rate of 12% p.a. from the date of petition till the date of realisation.

(2.) HEARD learned counsel for the parties. For the sake of convenience, parties would be referred to as per their ranking before the Court below. The facts leading to this appeal are as hereunder:

(3.) IN order to prove the case of the parties, on behalf of KSIIDC, one Sri N. Manjunath was got examined as PW 1. He relied on Exhibits P1 to P12. The appellant herein alone came to be examined as RW 1 and got marked Exhibits R1 and R2.