BAKUL M KAPADIA Vs. BANK OF INDIA

JUDGEMENT

(1.) THIS is an appeal from the order of the learned single judge dated February 8, 1993, in Notice of Motion No. 2781 of 1992, taken out in Suit No. 2218 of 1983. By this order, the learned single judge has extended the proposed date of sale by the Court receiver by further four weeks when the fifth defendant applied for an interim order. In view of this order, as nothing further survived, the notice of motion was disposed of with no order as to costs. Being aggrieved by this order of learned single judge, the original fifth defendant has preferred the present appeal.

(2.) THE notice of motion which is taken out on December 15, 1992, by the appellant, is for the following prayers :

(3.) IN order to appreciate the contentions of the appellant, it is necessary to state the facts. On november 2, 1983, the Bank of India, respondent No. 1 to this appeal, field a suit to recover from the second respondent, Jasmine Mills Pvt. Ltd. , a sum of Rs. 1,76,89,829. 08 and to realise the securities by way of a mortgage of the immovable properties of the second respondent and its various movables which were hypothecated to the bank. The appellant is a guarantor of the debts of the company to the bank and is defendant No. 5 in the suit. On November 24, 1983, an ad interim receiver was appointed in respect of movables and immovable properties of the second respondent under Order 40, rule 1 of the Civil Procedure Code, 1908, but without the power of sale. Pursuant to this order, court receiver took possession of all these properties on November 28, 1983.