PINNA N R Vs. CANARA BANK

JUDGEMENT

(1.) FEELING dissatisfied with the conditional relief granted by the Debts Recovery Tribunal at hyderabad (for short, 'the Tribunal') in LA. No. 501 of 2005 in M. A. I. R. No. 140 of 2005 in LA. No. 464 of 2004 in R. P. No. 15 of 2004 (O. A. No. 849 of 2001), the petitioner has filed this petition under Article 226 of the Constitution of India.

(2.) A perusal of the record shows that the application jointly filed by respondent nos. 1, 2 and 3 for recovery of rs. 23,97,11,499-72 Ps. under Section 19 of the Recovery of Debts Due to Banks and financial Institutions Act, 1993 (for short, 'the Act'), which was registered as OA no. 849 of 2001 was allowed by the Tribunal on 17. 11. 2003 and Recovery Certificate was issued for Rs. 34,66,55,423-72 Ps.

(3.) THE petitioner, who was one of the Directors of the borrower-M/s Midwest iron and Steel Company Limited (respondent no. 4 herein) and who gave security of his personal assets for repayment of loan taken by respondent No. 4, filed miscellaneous petition for setting aside order dated 17. 11. 2003. The same was registered as m. A. I. R. No. 81 of 2004. He also filed LA. No. 464 of 2004 for condonation of 149 days' delay in filing M. A. I. R. No. 81 of 2004 and la. No. 465 of 2004 for stay of the recovery proceedings. LA. No. 465 of 2004 was dismissed in default on 6. 4. 2005. The petitioner then filed M. A. I. R. No, 140 of 2005 for setting aside the dismissal order. He also filed LA. No. 501 of 2005 for condonation of 11 days' delay in filing m. A. I. R. No. 140 of 2005.