PUNJAB NATIONAL BANK Vs. O C KRISHNAN

JUDGEMENT

(1.) Special leave granted.

(2.) In the instant case, a suit was filed by the appellant for recovery of money from the principal debtor as well as the guarantors. The suit was transferred to the Debts Recovery Tribunal and thereafter on 17th May, 1996 decree was passed by the Debts Recovery Tribunal, Calcutta.

(3.) The said suit was decreed for a sum of Rs. 12,09, 175.39 against the principal debtor as well as against the guarantors, along with interest thereon, and it was further directed that the Recovery Officer shall first proceed to realise the amount on the sale of hypothecated plant and machinery and mortgaged property belonging to respondents 5 and 4 respectively and thereafter proceed to realise the balance, if any, in accordance with law. Pursuant thereto, certificate was issued and recovery proceedings started.