PUNJAB NATIONAL BANK Vs. RAJESH & CO

JUDGEMENT

(1.) BEING aggrieved by and dissatisfied with Order No. 47 dated 6th January, 2009 passed by learned Debts Recovery Tribunal III, Kolkata in O.A. No. 14 of 2003, the appellant Bank has approached this Tribunal for redressal of its grievances. The backdrop of the present case may briefly be stated as follows:

(2.) IN the said application, it was alleged by the Bank that the respondents were initially enjoying cash credit hypothecation for a sum of Rs. 2/ - lacs which was initially enhanced to a sum of Rs. 24/ - lacs in 1997. The said loans were secured by hypothecation of stocks and guaranteed by furnishing the guarantee by the defendant No. 5 and was further secured by extension of the existing mortgage and immovable property of land and building standing in the name of defendant No. 2. Respondents confirmed the date of execution of balance confirmation for a sum of Rs. 31,32,660.63 as on 17th May, 2000. Despite repeated demands the alleged outstanding dues were not regularised thereby compelling the applicant Bank to approach the learned. Tribunal.

(3.) SOON thereafter the respondents filed an application bringing this development to the notice of the learned Tribunal.