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2012 Supreme(Kar) 546

VIKRAMAJIT SEN, B.V.NAGARATHNA
Super Sales Corporation – Appellant
Versus
Debt Recovery Tribunal – Respondent


Advocates Appeared:
For the Appellants:N. Devhadass, Sr. Counsel A/W M. Veerabhadraiah, M.R. Rajagopal, Advocates.
For the Respondents:R3 - A.G. Holla, (Sr.) K. Bshashi Kiran Shetty, for C, H.J. Krishnamurthy, R2 - K.T. Vasudeva Iyengar, Smt. S. Susheela, R6 - M/S. Gururaj Joshi & CO., Advocates, R1, R4 & R5 - notice not ordered in R/O.

Judgment

NAGARATHNA J.

1. In this writ petition, the petitioners have assailed the order dated 25.03.2003 passed in M.A.No.55/2003 (Annexure-Q) by the Debt Recovery Appellate Tribunal (hereinafter referred to as ‘DRAT’ for the sake of convenience). By the said order DRAT directed the respondent-Bank to receive the balance amount of Rs.63.00 lakh and release the title deeds related to the scheduled property to the 3rd respondent-institution which was to discharge the entire amount due to the Bank. The 3rd respondent-institution was directed to deposit before the Debt Recovery Tribunal (hereinafter, referred to as "DRT"), at Bangalore, a sum of Rs.20.00 lakh due to the borrower within two weeks from the date of the impugned order with a further direction to the Presiding Officer DRT to return the said amount to the borrower i.e., the petitioners herein. It was also declared that if the amount due to the Bank was paid the recovery certificate was discharged. DRT Bangalore was directed to issue a sale certificate in favour of the 3rd respondent herein on being satisfied that it had discharged the entire loan liability to the Bank i.e., on receipt of Rs.63,01,825/- and also making depos

















































































































































































































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