PUNAM WANGKHEM SINGH BHATIA Vs. MANIPUR INDUSTRIAL DEVELOPMENT

JUDGEMENT

(1.) Heard Mr. W. Darakishore, learned counsel for the petitioner as well as Mr. R.K. Tomma, learned counsel representing the respondent No.1. I have also considered the materials on records.

(2.) By means of this writ petition, the petitioner seeks to assail the order dated 17.02.2004 passed by the Debt Recovery Tribunal (DRT), Guwahati in Original Application (OA) No. 6/2003 and the judgment dated 22.03.2012 passed by the learned Debt Recovery Appellate Tribunal, Kolkata in Appeal No. 27/2007/590-591 by which the impugned order dated 17.02.2004 passed in OA No. 6/2003 has been affirmed.

(3.) The OA was filed by the respondent No. 1 Corporation in respect of the loan that was sanctioned in favour of the respondent No. 2 who was the defendant No. 1 in the OA. It was held by the Tribunal that the defendant No.1, i.e. the respondent No. 2 in this proceeding after availing the loan stood defaulter and accordingly the respondent/Corporation as the applicant was entitled to get a certificate to recover the outstanding dues from the defendants. The defendants were held jointly and severally liable. By the said order direction was issued for issuance of the certificate of recovery of Rs. 1,08,10,060.70 in favour of respondent No. 1 Corporation with interest therein @ 10% P.A. from the date of filing of the application.