HIMALAYA UDYOG Vs. HIMACHAL PRADESH FINANCIAL CORPORATION

JUDGEMENT

(1.) HEARD arguments of Mr. H.C. Arora for the appellants and also the arguments of Mr. J.S. Attri for the respondent.

(2.) The appellants/defendants filed the Miscellaneous Application 86/2000 for setting aside the above said ex parte order before the Debts Recovery Tribunal, Chandigarh (since the subject matter of the dispute fell within the jurisdiction of the DRT, Chandigarh, which was subsequently constituted). The learned Presiding Officer of the Debts Recovery Tribunal, Chandigarh (hereinafter referred to as 'the DRT') passed the impugned order dated 20.11.2002 allowing the said Miscellaneous Application 86/2000, and setting aside the ex parte final order, but subject to the condition that the appellants/defendants deposit a sum of Rs. 3 lakhs within two months with the respondent-corporation, to be adjusted towards the claim in the O.A. in case respondent-corporation succeeds in the claim or to be refunded to the appellants/defendants with interest in case the respondent-corporation fails in the claim. The appellants/defendants were also ordered to pay a cost of Rs. 3,000/- to the respondent-corporation.

(3.) 1 have heard the Counsel for both the sides, and perused the records.