KAILASH CHAND NAGPAL Vs. CORPORATION BANK

JUDGEMENT

(1.) APPELLANTS are defendants 2 and 1 in O.A. 174/97 before the Debts Recovery Tribunal-I, Delhi (hereinafter referred to as 'the DRT'). The 1st respondent-plaintiff-Corporation Bank (hereinafter referred to as 'the respondent-Bank') filed the said O.A. for the recovery of a sum of Rs. 44,19,991/- with interest thereon @ 21.75% per annum against the defendants/appellants and defendants 3 and 4. 2nd appellant is the company, of which the 1st appellant and defendants 3 and 4 are stated to be the Directors. The respondent-Bank also prayed that the 5th defendant should pay a part of this amount. The learned Presiding Officer of the DRT, by his ex parte final order dated 7.12.2000 directed the defendants 1 to 4 to jointly pay the abovesaid sum with interest and costs. The 5th defendant was also saddled with the liability to pay the part of the abovesaid amount.

(2.) Aggrieved, an application for setting aside the ex parte final order was filed. An application under Section 5 of the Limitation Act to condone the delay in filing the said application was also filed later. The applications were opposed by the respondent-Bank.

(3.) IT is against this order that the 2nd defendant, who is the Director, and the 1st appellant, Which is the company, have preferred this appeal. The respondent-Bank has filed a suitable reply opposing the appeal. The appellants have filed a rejoinder also.