( 1 ) SPECIAL leave granted.

( 2 ) THE respondent has not appeared in spite of being duly served with the notice that the matter will be finally disposed of at the notice stage.

( 3 ) THE respondent had been sanctioned a term loan of Rs 3. 39 lakhs by the Orissa State Financial Corporation, Appellant 1 herein (hereinafter referred to as "the Financial Corporation") for the purchase of a truck. The said loan was to be repaid in 56 monthly instalments starting from 7-9-1993 till 7-4-1998. It appears that the respondent committed default in repayment of the dues and a demand notice was issued by the Financial Corporation on 6-8-1996. The respondent did not respond to the said notice and thereupon a show-cause notice dated 29-11-1996 was issued requiring the respondent to settle the defaulted dues. Since the respondent failed to make any efforts in the matter of payment of the dues, a notice for recalling the loan was issued by the Financial Corporation on 1-1-1997, wherein the respondent was called upon to settle the entire outstanding amount of Rs 4,52,903. 10 paise as on 31-12-1996 by 16-1-1997 failing which the Financial Corporation would take over the vehicle under Section 29 of t