ALLAHABAD BANK Vs. INDO MARKETING

JUDGEMENT

(1.) THIS revisional application under Article 227 of the Constitution of India is directed against the judgment and/or order dated 28th December, 2006 passed by the learned Debts Recovery Appellate Tribunal at Calcutta in Appeal No. 43 of 2003 modifying the judgment and decree dated 15th June, 1995 passed by the learned Debts Recovery Tribunal, Calcutta in T. A. No. 15 of 1994 at the instance of the defendant/opposite party No. 3 herein.

(2.) IN 1984, the plaintiff/petitioner (bank) lent and advanced a sum of rs. 26,00,000/- to the opposite party No. 1 herein on hypothecation of plant, machinery and stocks in the factory premises situated at Jaikuni, Goragachha road, Kolkata -700 048. The defendant No. 2 stood as a guarantor for the said loan.

(3.) THE opposite party No. 1 defaulted in payment of instalment towards the loan amount. As a result, a sum of Rs. 22,11,618. 62 p. was accumulated towards the said loan account inclusive of interest as on 29th February, 1988. Instead of making any attempt to repay the said loan amount, the opposite party Nos. 1 and 2 obstructed the petitioner herein in various ways from taking inspection of the securities i. e. the hypothecated articles at the factory premises of the opposite party No. 1.