K. Surendra Mohan, J.—The first respondent, Indian Overseas Bank Ltd. filed a suit O.S. 77/2003 for the realisation of amounts due from the revision petitioner who was an employee of the Bank. The allegation is that the revision petitioner had during the course of his employment with the bank, committed misappropriation of funds of the Bank. On the very same allegations the C.B.I. conducted an investigation and launched prosecution proceedings against the revision petitioner, in which it is reported that he has been convicted. The misappropriation is stated to be to the tune of Rs. 75,63,295/-. The Bank initiated disciplinary proceedings against the revision petitioner and has terminated his services. The Bank also filed the suit from which the above revision arises for recovery of the amounts misappropriated by the revision petitioner.

2. The petitioner is a subscriber to life insurance policies. The petitioner had kept these policies in his cabin, while he was working with the first respondent-bank. The policies in original were taken possession of by the Bank. In the suit, O.S. No. 77/2003 of the Sub-Court, Thiruvala, the first respondent filed an application as I.A. No. 957