ASHUTOSH BANSAL Vs. DEBTS RECOVERY APPELLATE TRIBUNAL

JUDGEMENT

(1.) Heard Mr.Madhukar Dixit, learned counsel for the petitioner and Mr.Vinay Shanker, learned counsel for opposite party No.3.

(2.) The petitioners have challenged the order dated 11th of November, 2008. passed by the Debts Recovery Appellate Tribunal, rejecting the petitioners' statutory appeal preferred under Section 20 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the Act, 1993), upholding the judgment and order dated 10th of September, 2008, passed by the Presiding Officer, Debts Recovery Tribunal, Lucknow.

(3.) Briefly the relevant facts for decision are that the opposite party No.3 filed an application before the Debts Recovery Tribunal for recovery of Rs.2,68,94,172/- from the petitioners', who are the guarantors including the borrowers under Section 19 of the Act, 1993, which was registered as Original Application No. 38 of 2007-Lucknow.