Drat Allahabad Court March 2004 Judgments

Hyper Chemicals and Cosmetics P. Vs. State Bank of Patiala

Court: DRAT Allahabad

Reported in: IV(2005)BC177

1. The respondent-State Bank of Patiala (hereinafter referred to as "respondent-bank") filed a civil suit against defendants Nos. 1 to 4 (appellants herein, hereinafter referred to as "appellants-defendants"), before the Civil Judge, Senior Division, Kanpur, for the recovery of Rs. 13,89,436 with interest and costs. The said civil suit was ultimately transferred to the Debt Recovery Tribunal, Allahabad (hereinafter referred to as "DRT"). The learned Presiding Officer of the DRT passed the impugned final order dated February 18, 2003, directing the issue of the recovery certificate for the above said amount with interest at 20 per cent. per annum with quarterly rests from the date of application till recovery. He also directed that the amount can be recovered from the sale of the hypothecated stocks, if they exist, and the mortgaged property. He further directed that if there was any balance, that can be recovered from the other properties of the appellants-defendants.2. Aggrieved, the...