JUDGMENT :

L. Nageswara Rao, J.

The Appellant filed the Writ Petition in the High Court of Judicature at Bombay seeking a restraint order against the Tax Recovery Officer, Range 1, Kalyan -Respondent No.4 for enforcing the attachment made under the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for recovery of the dues. The Writ Petition was dismissed by the High court, aggrieved by which the Appeal has been filed.

2. Biowin Pharma India Ltd. (hereinafter referred to as 'BPIL')- Respondent No.5 herein obtained a loan from the Union Bank of India. Property situated in Plot No.D- II admeasuring 1000 sq. mtrs. situated at Phase-III, Dombivli Industrial Area, MIDC, Kalyan along with plant machinery and building was mortgaged as security to Union Bank of India-Respondent No.5 herein. Respondent No.-5 filed OA No.1836 of 2000 before the Debt Recovery Tribunal III, Mumbai (hereinafter referred as 'the DRT) for recovery of the loan advanced to BPIL. The DRT allowed the OA filed by Respondent No.5 and directed BPIL to pay a sum of Rs.4,76,14,943.20/- along with interest at the rate of 17.34% per annum from the date of the application till the date of payment and/or realisation. A