S DEVARAJ Vs. UCO BANK

JUDGEMENT

(1.) The defendants 2 and 4 in the original suit filed by the UCO Bank in CS.No.669 of 1987 before this Court, are the revision petitioners.

(2.) The first respondent/ UCO Bank filed the suit against the petitioners and others in CS.No.669 of 1987 before this Court for directing the defendants to pay certain amount being the cash credit outstanding together with interest thereon and also in respect of term loan outstanding, bills purchase outstanding, advance bills purchase account outstanding etc., and the said suit was filed in the month of August, 1987.

(3.) The defendants have filed the written statement in the month of March, 1988. During the pendency of the suit before this Court,"Recovery of Debts Due To Banks and Financial Institutions Act, (Act 51 of 19993)" was enacted by the Parliament and as per Section 1(3) of the said Act, it shall be deemed to have come into force on the 24th day of June, 1993.