D.D. Sinha, J.

1. Heard the learned counsel for the petitioner and the learned counsel for the respondent no. 1.

2. Counsel for the petitioner has submitted that the petitioner is one of the director and guarantor of the respondent no. 2. Respondent no. 1 is a Securitization Company duly registered and incorporated under the Companies Act, 1956 and assignee of the original applicant, Bank of Baroda, Chandravarkar Branch, Matunga, Mumbai. Respondent No. 3 is a company incorporated under the Companies Act, 1956 and a principal borrower of the respondent no.1. Respondent no.4 and respondent no. 5 are guarantors of respondent no. 2.

3. Counsel for the petitioner has submitted that the Bank of Baroda, the lender bank of the respondent no. 2, has filed a suit before this Court being Suit No. 5568 of 1998, during the pendency of the suit The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB & FI Act) came into force and therefore the suit was transferred to the Debt Recovery Tribunal (DRT) and numbered as Original Application No. 1661 of 1999. The said Original Application was finally heard and decided by the DRT by issuing recovery certificate dated 7.2