NAVIN JAIN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This revisional application under Article 227 of the Constitution of India is at the instance of four of the defendants and is directed against order dated June 1, 2001 passed by the Chair Person, Debts Recovery Appellate Tribunal, Calcutta in Appeal No. DRAT/CAL/A-3 of 2001 thereby affirming order dated March 28, 2000 passed by the Presiding Officer, Debts Recovery Tribunal, Patna in Execution Case No. 55 of 1999.

(2.) There is no dispute that a Title (Mortgage) Suit No. 65 of 1995 initiated by the bank against ten persons including the present petitioners in the first Court of Subordinate Judge, Dhanbad was disposed of on compromise. The terms of the compromise are stated below :

(3.) Subsequently, on September 2, 1996 the petitioners filed an application under Order 23 Rule 3 read with section 151 of the Code of Civil Procedure for setting aside the compromise decree on the ground of fraud. The bank raised objection to such application filed by the defendants but the said application could not be heard on merit as Debts Recovery Tribunal was constituted on July 16, 1997. Subsequently, on February 1, 1997 the petitioners filed a suit for declaration that the compromise decree obtained earlier was null and void. The said suit was numbered as Title Suit No. 14 of 1997 in the First Court of Subordinate Judge, Dhanbad and the same is pending. Ultimately, on constitution of Debts Recovery Tribunal on July 16, 1997 the records of the case were transferred to the Debts Recovery Tribunal along with pending application under Order 23 Rule 3 of the Code of Civil Procedure.