V SAKKAMMAL Vs. UNION OF BANK OF INDIA

JUDGEMENT

(1.) THIS Civil Revision Petition has been filed under Article 227 of the Constitution of India by the revision- petitioners / judgment-debtors to call for records in E. P. No. 60 of 2001 on the file of the Sub-Court, Sivakasi and set aside the same.

(2.) THE first respondent /plaintiff-Bank has filed the suit for recovery of the amount due to the first respondent-Bank to the tune of Rs.5,82,286.61 with interest at the rate of 16% within the time stipulated by the trial Court, failing which the properties in 'A', 'B', 'C' Schedules shall be brought for Court auction sale and the amount due to the first respondent-Bank shall be recovered.

(3.) THE vehement contention of the learned Counsel for the revision-petitioners is that the first respondent-Bank is not entitled to bring the properties for sale in view of the Amendment of Section 31-A of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and after the establishment of the Debt Recovery Tribunal.