SHYAM GARMENTS Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The captioned writs have been preferred against the judgment dated 21.09.2010, passed by the Debt Recovery Appellate Tribunal, Delhi (hereinafter referred to as DRAT). By virtue of this judgment, the DRAT allowed the appeal of the principal debtor (i.e., Shyam Garments, which is a partnership firm) and its partners, who had guaranteed the debt. The effect of the impugned judgment is that the principal debtor alongwith the guarantors, is liable to pay to the creditor i.e., State Bank of India having its branch at Okhla Industrial Estate, New Delhi, 50% of the principal amount decreed alongwith proportionate interest and the costs. The remaining amount is required to be borne by the creditor bank in lieu of compensation owed to the principal debtor and guarantors for injury caused to them.

(2.) With this preface, let us advert to the facts which would be relevant for adjudicating upon the issue raised in the captioned writ petitions :

(3.) On the same date i.e., 07.03.2000, SBI, Okhla Branch sent a telex message to NCB giving reference of both the invoices i.e., the one valued at USD 37073/- and the other valued at USD 38750/- (i.e., the invoice in issue) mentioning therein that they had been advised by the drawer (i.e., Shyam Garments) that payments against both the invoices had been made by the drawee (i.e., Talib), and hence they should investigate the matter, and thereafter credit the payment to their nostro account maintained with the Chase Manhattan Bank.