PUNJAB NATIONAL BANK Vs. JAYADAS AND CO P LTD

JUDGEMENT

(1.) THIS Tribunal is passing and delivering a judgment in the matter of TA 77 of 2002 in which the applicant Bank has preferred on October 28, 1994 one application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (Act No. LI of 1993) before the learned transferring Tribunal against the four respondents. Out of such impleaded four respondents, the respondent No. 1 is a corporate entity incorporated under the relevant provisions of the Companies Act, 1956(Act No. 1 of 1956), whereas the respondent No. 2 is the Managing Director of the said corporate entity and the respondent Nos. 3 and 4 are also the persons having the close relationship with such entity (hereinafter being referred to as the respondent No. 1), in the form of being the guarantors, especially when two deeds of guarantee, which were executed on December 7, 1989 in favour of the erstwhile New Bank of India, Shyambazar Branch, Kolkata Branch, being later merged and amalgamated with the present applicant by those respondent Nos. 3 and 4, are to be taken into consideration.

(2.) Besides, the respondent Nos. 2, 3 and 4 are related to each other. Such relationship may be described in the manner laid down below.

(3.) ON October 28, 1994 the applicant Bank preferred the said application before the learned transferring Tribunal for a certificate or an order for payment of Rs. 1,09,07,343.14 P, by the respondents to the said applicant Bank and also an order for an interest from October 26, 1994 till realisation at the rate of 22.75% per annum with quarterly rest as agreed.