RAJIV AGGARWAL Vs. CANARA BANK

JUDGEMENT

(1.) THIS appeal has been directed against the order dated 4.3.1998 passed by the Presiding Officer of the Debts Recovery Tribunal, Delhi (hereinafter referred to as 'the DRT') on an application filed by the respondents 4 and 5 herein (who are defendants 2 and 3 before the DRT; and hereinafter referred to as "the defendants 2 and 3") for impleading the appellants herein as defendants 11 to 13 in the O. A., 633/95. The learned Presiding Officer of the DRT (by the impugned order) ordered that the appellants be impleaded as such.

(2.) Ist respondent-Canara Bank (hereinafter referred to as "the respondent-Bank") has filed said O.A. 633/95 against (1) M/s. Shivani Synthetics Ltd., (2) Mr. C.P. Modi, (3) Mr. K.K. Aggarwal (defendants 1 to 3 respectively) and seven others, for the recovery of Rs. 2,72,41,481.52 with interest from defendants 1 to 9 jointly and severally. The respondent-Bank has averred in para 2 of the O.A. that the Ist defendant is the borrower and that the defendants 2 and 3 are not only the directors of the Ist defendant, but also the guarantors for the loans advanced by the respondent-Bank.

(3.) THIS application was opposed by the respondent-Bank. The respondent-Bank pleaded as follows: