CHAKRA LEATHERS Vs. INDIAN BANK

JUDGEMENT

(1.) THESE two writ petitions are directed against the order dated 23 September 2011 in M.A.Nos.196 and 195 of 2008 in O.A.No.492 of 2007 whereby and whereunder, the Debts Recovery Appellate Tribunal was pleased to set aside the common order passed by the Debts Recovery Tribunal, Chennai dated 2 July 2008 in I.A.No.805 of 2007 and I.A.SR. No.5375 of 2007 holding that the Tribunal has no authority to extend the time limit stipulated in the award passed by the Lok Adalat.

(2.) THE facts as disclosed in the affidavit filed in support of the writ petition in W.P.No.28367 of 2011 are taken to narrate the background facts.

(3.) THE first petitioner is a registered partnership firm and the other petitioners are the partners. The firm took financial assistance from Indian Bank, Guindy Branch. The property owned by the father of the second petitioner was given as collateral security. Similarly, the property owned by petitioners 5 and 6 were also given as collateral security.