SARVARAYA TEXTILES EMPLOYEES GROUP Vs. DEBT RECOVERY TRIBUNAL

JUDGEMENT

(1.) The Writ of Certiorari is filed by the petitioners to quash the judgment passed by the respondent No.1 in OA.No.2832 of 2017, dtd. 31/5/2019.

(2.) Respondent No.2 - Life Insurance Corporation of India (hereinafter referred to as LIC henceforth) has filed OA.No.2832 of 2017 (Old OA.No.1381 of 1999 of DRT-1, Hyderabad) under Sec. 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short 'the Act, 1993') for recovery of Rs.44,04,025.00 from the defendants/petitioners herein jointly and severally together with costs and future interest @ 14% per annum with quarterly rests from the date of filing O.A. till the date of realization.

(3.) LIC has examined Sri R.Murali, Assistant Secretary (L and HPF) as AW.1, got marked Exs.A1 to A27. Defendants have examined Sri S.B.P.S. Krishna Mohan, Managing Director of defendant No.2- company as DW.1.