JUDGMENT:

MARKANDEY KATJU, J.

Leave granted.

This appeal has been filed against the impugned judgment and order dated 26.5.2005 of the Punjab & Haryana High Court in Execution Petition No. 1-L of 1999 by which the execution proceeding was transferred to the Debt Recovery Tribunal, Chandigarh (hereinafter referred to as the Tribunal), for being disposed of in accordance with law.

Heard learned counsel for the parties and perused the record.

The facts of the case are that on a Company Petition No. 57 of 1983 M/s. S.P. Nagrath & Co. vs. M/s. Bareja Knipping Fasteners Ltd., the High Court vide order dated 23.10.1983 ordered winding up of the Company and an Official Liquidator was appointed who took over possession of the properties of the Company.

The respondent-Bank filed a Suit (Company Petition No. 46 of 1984) for recovery of Rs. 14,53,577/- with pendente lite and future interest.

A preliminary decree for recovery of Rs. 19,07,800/- with future interest @ 12% per annum was passed by the High Court in favour of the decree-holder Bank, the respondent herein, on 2.12.1985 in Company Petition No. 46 of 1984.

Ultimately, a decree was passed in favour of the Bank on 15.1.1987 in Company Appli