R SUBRAMANIAN Vs. ICICI BANK LTD

JUDGEMENT

(1.) Challenging the order dated 19.02.2018 passed in R.A.No.30 of 2015 on the file of the Debt Recovery Appellate Tribunal, Chennai, reversing the order dated 30.04.2015 passed in O.A.No.179 of 2011 on the file of the Debt Recovery Tribunal-I, Chennai, the 2nd defendant in O.A.No.179 of 2011, has filed the above Civil Revision Petition.

(2.) Since the petitioner wanted to argue the above Civil Revision Petition as a party-in~person, he filed a memo dated 31.10.2018 before this Court seeking for such a permission. The petitioner is confined in the Central Prision - II, Puzhal, Chennai in respect of a case under the Prevention of Money Laundering Act, 2002. Taking note of the averments stated in the memo filed by the petitioner, we have permitted him to appear in person and make his submissions in the Civil Revision Petition and accordingly, we directed the Prison Authorities to produce the petitioner before this Court enabling him to make his submissions in the Civil Revision Petition. Pursuant to the directions of this Court, the petitioner was produced by the Prison Authorities and he made his submissions in person before this Court.

(3.) 3.1 The petitioner is the Managing Director of the 2nd respondent Company, viz., Subhiksha Trading Services Limited [1st defendant in O.A.No.179 of 2011]. The 2nd respondent availed financial assistance from the respondent No.1/bank and the petitioner, who is also the Managing Director of the borrower-company, stood as guarantor for the loan availed by the Company. Since the 2nd respondent committed default in repaying the loan, the respondent No.1/bank filed a suit in O.A.No.179 of 2011 on the file of the Debt Recovery Tribunal-I, Chennai, claiming a total sum of Rs.4066,93,26,627.54 together with interest and for other reliefs.