RAJINDER SINGH Vs. PUNJAB AND SIND BANK

JUDGEMENT

(1.) Respondent No. 2 secured some loan from respondent No. 1 Punjab and Sind Bank. Loan was not repaid. Consequently, a suit was filed by respondent No. 1 against the respondent No. 2 and the petitioner, for the recovery of Rs. 1,08,972.60 paise including interest. The said suit was decreed against respondent No. 2 by judgment and decree dated October 29, 1984, as respondent No. 2 admitted the claim of respondent No. '. The present petitioner was defendant No. 2 in the suit, did not put in appearance in the suit and consequently on a latter date, an ex parte judgment and decree was passed against him on November 22, 1984. This decree was passed against him as he was the guarantor in respect of the loan secured by the respondent No. 2 from respondent No. 1.

(2.) The decree-holder took out execution of the decrees, i.e. one passed against the principal debtor and the other against the guarantor, the present petitioner. The executing Court by order dated March 6, 1993 issued warrant of attachment of the property of the petitioner. Aggrieved by the said order, the judgment-debtor/guarantor has filed the present revision petition.

(3.) On notice of motion having been issued, the plaintiff-respondent No. 1 has put in appearance. Learned counsel for the petitioner relying on the decisions in Punjab and Sind Bank v. Bharpur Singh, 1991 1 Punjab Legal Reports and Statutes 97 and Ram Saran Sharma and Another v. Bank of India and Others, 1989 Punjab Legal Reports and Statutes 141, contended that until the goods hypothecated against the loan raised, were put to auction and sale proceeds thereof was adjusted against the decretal amount, the property of the petitioner could not be attached and sold in execution of the decree and no steps could be taken to recover any amount in execution of the said decree passed against him till such time.