HITAISHI ELECTRONICS PVT LTD Vs. CANARA BANK

JUDGEMENT

(1.) THIS is an appeal against the order dated 26.4.2002 passed by the learned Presiding Officer of the DRT-I, Delhi (hereinafter referred to as 'the DRT') dismissing the application filed by the appellants herein to set aside the ex parte final order passed on 22.10.2001 in O.A. 312/98. Aggrieved, the appellants, who are defendants 1 to 3 in the O.A., have filed this appeal. The respondent Bank has filed a suitable reply opposing this appeal.

(2.) I have heard the Counsels for both the sides, and perused the records.

(3.) THE 1st defendant is a private limited company, and the other appellants are said to be its directors. THE contention of the appellants is that the Uttar Pradesh Financial Corporation which had the first charge on the land, building, plant and machinery of the 1st appellant/defendant-company, took physical possession of the same on 7.5.1995, sold them in or around October 1995, and after appropriating its dues, had also paid over Rs. 17 lakhs to the respondent/plaintiff Bank. THE further contention of the appellants is that the respondent Bank has also taken possession of the stocks in full and final settlement of its dues.