JUDGMENT

ANIL R. DAVE, J.

1. Leave granted.

2. The present appeals are directed against the judgment dated 24.08.2011 rendered by the High Court of Calcutta, whereby the High Court has dismissed the revision petition filed by the appellant under Article 227 of the Constitution of India and affirmed the order of the Debt Recovery Appellate Tribunal, Calcutta.

3. The facts of the case, in a nutshell, are as under :

Respondent nos. 2 and 3 are the principal shareholders, directors and persons in charge of Respondent No.1 Company. Respondent No. 4 (ING Vysya Bank) had granted financial assistance to Respondent nos.1 to 3 by way of “Cash Credit facility”. In consideration of the aforesaid loan, Respondent nos.1 to 3 had furnished security in terms of (a) Hypothecation of Book Debts, (b) Equitable mortgage of residential flat bearing no. 1-C at 7/1, Queens Park, Kolkata-700019 and (c) pledge of LIC Policy for an assured sum of Rs.8 lakh in name of Respondent No.3.

4. Respondent nos. 1 to 3 defaulted in the repayment of the loan and thus, the account was classified as “Non-performing Asset” with effect from 1.12.2008 in accordance with the directions of Reserve Bank of India. As on 31st D