SYNDICATE BANK Vs. CENTURY ELECTRONICS

JUDGEMENT

(1.) THIS appeal is filed by the appellant/original applicant Syndicate Bank being aggrieved by the judgment and order dated 7th March, 2003 passed by the learned Presiding Officer of the DRT-II, Mumbai in Original Application No. 19/2001. By the impugned judgment and order, the learned Presiding Officer, though allowed the application with half costs against the defendant Nos. 1 and 2, he disallowed the Original Application against the defendant Nos. 3 and 4. The learned Presiding Officer ordered defendant Nos. 1 and 2 to jointly and severally pay to the applicant-Bank an amount of Rs. 17, 37, 820/-with interest at the rate of 17% per annum from the date of filing of Original Application till full realization. He also ordered defendent No. 1 to pay to the applicant Bank an amount of Rs. 39, 775/- with interest at the rate of 12% per annum with quarterly rests from the date of filing of Original Application till full realisation and also gave certain consequential declarations. The learned Presiding Officer however exonerated the defendant Nos 3 and 4. The applicant Bank is aggrieved by that particular order and their appeal, therefore, is limited to that extent.

(2.) Few facts, which are required to be stated are as follows:

(3.) THE learned Presiding Officer after hearing both the sides and after perusing the documents passed the impugned order, whereby though he allowed the claim of the Bank against the defendant Nos. 1 and 2 and disallowed against the defendant Nos. 3 and 4 and exonerated them from the liability as guarantors and in my view, there is no infirmity in the said order.