BANK OF RAJASTHAN LTD Vs. LAXMI TARA PLASTIC INDUSTRIES

JUDGEMENT

(1.) THIS appeal has been filed against the impugned order dated 5.2.2002 passed by the learned Presiding Officer of the Debts Recovery Tribunal, Jaipur (hereinafter referred to as 'the DRT') in Appeal 35/2001, and an application under Section 26 read with Section 19(25) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as 'the Act').

(2.) By the impugned order, the learned Presiding Officer has permitted the judgment-debtors (respondents herein) to deposit the Recovery Certificate amount @ Rs. 75,000/- per month till 28.2.2002, and thereafter, @ Rs. 70,000/- per month. The learned Presiding Officer further directed that if the judgment-debtors commit default in payment of three instalments then the Bank (appellant herein) will be entitled to recover the entire amount of the Recovery Certificate in one go with interest and also to revive the recovery proceedings.

(3.) THE learned Counsel for the appellant contends that the appellant has challenged in this appeal the order by which the learned Presiding Officer has permitted the judgment-debtors to pay the amount in monthly instalments and thereby put a stop to the execution proceedings. He contends that the O.A. is based upon the mortgage of immovable properties and also the goods hypothecated, and that the Recovery Officer, DRT, Jaipur passed the order on 1.10.2001 for the sale of the hypothecated goods, machineries and the mortgaged properties. He points out that against this order the judgment-debtors filed an appeal and also an application under Section 26 read with Section 19(25) of the Act seeking the leave of the DRT to pay the amount in monthly instalments. THE learned Counsellor the appellant-Bank points out that the learned Presiding Officer has also permitted the judgment-debtors to pay the amount in monthly instalments, as narrated above by the impugned order dated 5.2.2002.