KOTAK MAHINDRA BANK LIMITED Vs. SHRI BALAJI INDUSTRIES

JUDGEMENT

(1.) THE above appeals have been filed by the appellants aggrieved by the comon order dated 23.12.2010 passed by the learned Judge in Application Nos. 5628 and 5629 of 2010 in Application No. 4984 of 2010.

(2.) APPLICATION No. 5628 of 2010 has been filed by the respondents 1 to 3 herein praying to direct the appellant/bank to return the seized generator to them.

(3.) THE applications were resisted by the appellant/bank by contending that earlier, the property namely generator set was seized and re-delivered to the respondents 1 to 3/borrowers as per the directions issued by this Court. Even thereafter, the respondents 1 to 3/borrowers have committed default in payment of the instalment amount, hence, the appellant approached this Court for appointment of an advocate commissioner and re-possessed the generator set. Though the respondents 1 to 3/borrowers have paid a sum of Rs.1,50,000/- and another sum of Rs.69,650/- as per the directions of this Court, still, there is a balance of Rs.2,90,000/- payable by them with accrued interest. THE appellant would further contend that the generator set was hypothicated with the bank by the respondents 1 to 3 as a condition precedent for availing the loan amount and therefore, they have every right to seize the generator set and also to sell the generator set to realise the loan amount. In any event, in obedience to the order passed by this Court, after accepting the payment of Rs.69,550/- paid by the respondents 1 to 3, they have re-delivered the generator set to the respondents 1 to 3, but even thereafter, the respondents 1 to 3 are not regular in payment of the instalment amount.