INDIAN OVERSEAS BANK Vs. N DEVARAJAN

JUDGEMENT

(1.) THE appeal is directed by the appellant Bank as against the order passed in IAs-560/1999 to review the order passed in IA-156 and 157/1999 in OA-641/1999.

(2.) The Bank filed suit against the defendants for recovery of a sum of Rs. 40,00,000/-and odd. During the pendency of the original application the defendants 6 and 7 filed IAs-156 and 157/1999 for release of their mortgaged properties i.e. 'C' and 'D' Schedule properties.

(3.) THE learned Presiding Officer (PO), Debts Recovery Tribunal (DRT), Chennai, passed the order in IAs-156 and 157/1999 directing to release 'C' and 'D' schedule properties in favour of defendants 6 and 7 since the defendants 6 and 7 have paid part of the loan amount of Rs. 19,50,000/-.