W S INDUSTRIES INDIA LTD Vs. INDUSTRIAL DEVELOPMENT BANK OF INDIA

JUDGEMENT

(1.) THIS Misc. Appeal is filed by the appellants W.S. Industries (India) Ltd./original defendant No. 2 being aggrieved by the order dated 19.4.2002 passed by the learned Presiding Officer of Debts Recovery Tribunal-1, Mumbai on Exhibit Nos. 57, 63, 65, 66, 69, 72, 83, 85 and 96 in Original Application No. 3625/2000. By the impugned order, the learned Presiding Officer rejected the application/ prayer of these defendants for discharging them and directed that the original application would proceed against all the defendants.

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

(3.) THE learned Presiding Officer after hearing all the Advocates and considering the material placed before him observed that the question as to whether upon payment of entire lease rentals to the defendant No. 1, the title in respect of the said goods of these defendants should get transferred to them and whether in spite of such transfer of title the encumbrance created by the defendant No. 1 on those goods shall continue or not, were the questions which were required to be decided. He therefore observed that it was in the interest of these defendants themselves that they should be on record and they should prove to the satisfaction of the Court that all the rights and title in respect of the goods, machineries or properties in their hands stood transferred to them and these properties could not be attached for the satisfaction of the dues against the defendant No. 1. Observing this, he rejected the said application of all these defendants for discharge.