ORDER :

1. The challenge in this appeal is to the Order dated 10.10.2007 passed by the High Court of Judicature at Madras by which the High Court in a writ petition filed by the respondent-Bank had set aside the order of the Debt Recovery Appellate Tribunal (“DRAT”) granting extension of time by condoning the delay that has occurred on the part of the appellants in making payment of an agreed amount as per settlement reached by and between the parties in a Lok Adalat.

2. The Original Application before the Debt Recovery Tribunal (“DRT”) by the Bank was filed seeking recovery of an amount of Rs. 62,96,582.68 (Rupees sixty two lakhs ninety six thousand five hundred eighty two and paise sixty eight only) being the unpaid dues along with interest as on the date of filing of the O.A. Interest at 19.8 % p.a. with quarterly rests from date of filing of the O.A. till date of payment was also prayed for. The total financial accommodation made available to the Bank was to the extent of Rs. 23 lakhs.

3. In the Lok Adalat held on 10.09.2004 the parties had agreed on an amount of Rs. 34.5 lakhs payable within three months. The appellants defaulted and paid a sum of Rs. 3 lakhs on 8.02.2005 and a f