Judgment :

Dr. Mukundakam Sharma, J.

1. Leave granted.

2. This appeal arises out of the judgment and order dated 17.07.2008 passed by the Division Bench of the High Court of Judicature at Madras in Writ Petition (civil) No. 28664 of 2003 dismissing the writ petitions filed by the appellant and confirming the judgment passed by the Debt Recovery Appellate Tribunal, Chennai (hereinafter referred to as the `Appellate Tribunal).

3. The appellant is the son of late C.V. Kunjikuttan, who was carrying on business as a civil contractor. Said C.V. Kunjikuttan carried on business of contracts in his individual capacity. He died on 8th September, 1989 and on his demise, the business was taken over by his legal heirs. While C.V. Kunjikuttan was alive he had availed of certain

facilities from Dhanalakshmi Bank Ltd., Cherthala Branch, Alappuzha District Respondent herein (for short the `Bank). The respondent is a scheduled bank and has its principal place of business at Thrissur in Kerala and Branches in various other places. C.V. Kunjikuttan approached the respondent -bank in 1973 for sanction of an over draft financial facility. The Bank sanctioned him an overdraft facility of Rs. 3 lakh. The o