JUDGMENT -B.N. SRIKRISHNA, J.:—This chamber summons has been taken out by the defendants, seeking the relief that the exparte decree dated 5th November, 1990, made by Agarwal, J., be declared to be a nullity and/or non-executable with the further prayer that the said exparte decree be set aside.

2. The facts leading to the present chamber summons indicate the considerable legal ingenuity which has gone into avoiding the day of reckoning. They are:

(a) The plaintiffs are financial institutions, which had advanced large sums of money to a Company known as Krimpex Synthetics Ltd., of which the defendants are Directors. While the first plaintiffs had advanced a sum of Rs.87 lacs, the second plaintiffs had advanced a sum of Rs.58 lacs. Usual agreements for compounding the interest were entered into between the said Company and the two plaintiffs. The loans were advanced not only against security of the plant, machinery, building and land of the said Company, but were also collaterally guaranteed by personal guarantees given by the defendants in the capacity of Directors of the said Company. The Company defaulted in making payment, and the plaintiffs became entitled, under their respecti

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