R. V. RAVEENDRAN, J.

( 1 ) THIRD respondent-bank filed oa No. 88 of 1995 before the second respondent-tribunal against the first and second petitioners herein (borrower and guarantor respectively) under Section 19 of the recovery of debts due to banks and financial institutions act, 1993 ('act' for short ). The reliefs claimed in the said original application are. 1. Directing petitioners herein personally to pay the amounts mentioned in schedule 'c' to the application along with interest at 19. 75% per annum compounded quarterly;

( 2 ) DIRECTING sale of mortgaged immoveable property describedin 'b' schedule as to the application; and

( 3 ) AWARD costs of the proceedings including the fee paid to the tribunal and the advocates. 2. In schedule 'c' to the original application, the bank claimed two amounts i. e. , a sum of Rs. 4,28,881. 20 in regard to account No. Psl/gen. 5/1989 and a sum of Rs. 7,68,386/- due in regard to account No. Osl/ml/155/89. The total amount claimed is Rs. 11,97,267. 20. 3. The petitioners on entering appearance, made an application (ia No. Ii) for rejection of the bank's original application, as being barred by rule 10 of the debt recovery tribunal (procedure)

Click Here to Read the rest of this document