RAMESH CHANDER GOEL Vs. VIPIN ENTERPRISES

JUDGEMENT

(1.) The Plaintiffs by way of this application under Order XII Rule 6, Order XXXIX Rule 10 read with Section 151 CPC seek passing of a decree against the Defendant Nos.1 to 3 on the basis of admissions.

(2.) The factual matrix may be briefly delineated as follows.

(3.) The Plaintiffs were sureties/guarantors for securing the repayment of the cash credit facility granted by the Defendant No.4, Punjab National Bank to the Defendant No.1 M/s. Vipin Enterprises and its partners Defendant Nos.2 and 3. Initially, the credit facility was granted subject to a maximum of Rs. 95 Lacs, but subsequently it was enhanced to Rs. 175 Lacs. By means of a demand notice dated 17.11.2006 issued under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "SARFAESI Act"), the Defendant No.4 PNB recalled the entire outstanding debt together with interest and other charges, stated to be Rs. 1,85,82,770.24 paise within 60 days from the date of the notice. The Defendant Nos.1 to 3 having failed to comply with the demand notice dated 17.11.2006, the defendant No.4 PNB issued a letter dated 17.03.2007 addressed to the Plaintiffs and the Defendant Nos.1 to 3, whereunder the Plaintiffs were called upon to deliver physical possession of the aforesaid residential house on or before 02.04.2007, failing which it was threatened that the possession thereof would be taken over by the Defendant No.4 PNB.