(1.) The legal question arising for consideration, in this writ petition under Article 226 of the Constitution of India, is, whether by virtue of Section 176 of the Indian Contract Act, 1872 as under:-
(2.) The aforesaid legal question has arisen in the following facts and circumstances.
(3.) The respondent no.1 Barclays Bank filed OA No.60/2011 before the Debt Recovery Tribunal (DRT), Delhi, under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (DRT Act), for recovery of Rs.11,23,81,505.06/- along with pendente lite and future interest, jointly and severally from the respondent no.2 ORG Informatics Ltd. and the petitioner, inter alia pleading that,