ANIL KUMAR SOMANI Vs. UNION OF INDIA

JUDGEMENT

(1.) The petitioners have challenged orders dated 26th May, 1997 and 8th October, 1997, passed by the DRT and DRAT respectively. Respondent Nos. 2, 3 and 4 are the DRT and DRAT and the ICICI Bank Limited. The DRT held that respondent No. 4 was entitled to realise a sum of Rs. 12,61,977.14 with costs from the petitioners. Mr. Bhulchandani admitted that there was a typographical error in Exhibit-M to the petition, which is the order of the DRT. The error is in the operative part of the order. He produced a copy of the original order wherein the operative part of the order reads as under:

(2.) The petitioners were the directors of a company M/s. Amrit Biscuits Private Limited which was later wound up. They were also the guarantors in respect of the claim. Original respondent No. 4-The Bank of Rajasthan Limited amalgamated with the ICICI Bank Limited. Pursuant to an amendment, ICICI Bank Limited was brought on record. The reference in this judgment to respondent No. 4 will include the reference to The Bank of Rajasthan Limited.

(3.) There is no dispute about the fact that respondent No. 4 had advanced certain facilities to the said company and that the petitioners are guarantors in respect thereof. Mr. Bulchandani, however, submitted that the entire debt stood extinguished on account of a payment made to respondent No. 4 as full and final settlement of the principal amount and the payment of certain other amounts due. He relied upon the following correspondence in this regard.