K JANARDHANAN PILLAI Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) Has the Debt Recovery Appellate Tribunal failed to exercise its discretion under S.21 of the 1993 Act This is the short question that arises in this appeal. The relevant facts may be noticed.

(2.) The appellants stood guarantee for the loans advanced by the Indian Overseas Bank to different Companies. On default in payment, suits for recovery were instituted in the year 1987. The proceedings had culminated in a compromise decree by the Civil Court in March, 1990. The decretal amount was not paid. Proceedings for issue of recovery certificate were initiated before the Debt Recovery Tribunal. Those petitions were registered as O.A. Nos. 5/1998 to 11/1998. Ultimately, orders / certificates for recovery of more than Rs. 12 crores were issued. The appellants presented appeals. An application under S.21 for waiver of pre - deposit was made. The application was decided vide order dated April 18, 2001. It was found that the total amount due from the appellants was more than Rs. 12 crores. An order for the deposit of Rs. 7,50,40,000 was passed.

(3.) The appellants did not make the deposit. Instead, they approached this Court through a petition under Art.226 of the Constitution. This petition was dismissed vide order dated June 20, 2002. Hence this appeal.