MUKESH JAYANTILAL SHAH Vs. NAVNIRMAN COOPERATIVE BANK LTD

JUDGEMENT

(1.) THIS petition has been filed challenging order dated 24. 08. 2007 made by Gujarat State Co. operative Tribunal, Ahmedabad (the Tribunal) in Stay Application exhibit 4 in Appeal No. 121 of 2007 arising out of Lavad Suit No. 3155 of 2002 instituted by respondent No. 1 Bank.

(2.) IT is an accepted position that respondent No. 2 is a proprietary concern of respondent No. 3, who is wife of the petitioner. The petitioner is a guarantor to the loan transaction whereunder financial facility was availed of by respondent Nos. 2 and 3. Respondent No. 4 is the other guarantor.

(3.) RESPONDENT No. 1 Bank filed Lavad Suit No. 3155 of 2002 against respondent Nos. 2,3, 4 and the petitioner. The said suit came to be decreed by the Board of Nominees on 09. 03. 2007 for a sum of Rs. 3,35,690. 25 ps. with interest @ 19. 5% from 20. 11. 2002 till the date of recovery. However, vide the same order Board of Nominees discharged the petitioner (defendant No. 3 ). Respondent No. 1 Bank preferred Appeal No. 121 of 2007 before the Tribunal accompanied by an application for stay of operation of the judgment and award of the Board of Nominees to the extent the same was operating in favour of the petitioner and against respondent No. 1 Bank.