GITA MITTAL, J.

( 1 ) THIS application has been filed under the provisions of Order 37 Rule 4 read with Rule 3 (7) of the Code of Civil Procedure. The defendant No. 2, shri Sumaj Jain thereby seeks setting aside of the ex parte judgment/decree dated 29th August, 2000/11th October, 2000 and stay of the execution proceedings in Execution Case No. 234/2002. The applicant has also sought condonation of the delay of one day in filing the Memo of Appearance and leave to defend the suit.

( 2 ) THE plaintiff herein is a private limited company incorporated under the provisions of the Companies Act, 1956. It is the claim of the plaintiff that it had been approached by the defendant No. 1/company for grant of financial assistance in the form of bill discounting facility. On terms and conditions contained in the plaintiff's letter dated 12th September, 1995, the plaintiff had agreed to provide bill discounting facility to the defendant No. 1 to the extent of Rs. 55. 0 lacs. Terms were duly accepted for and on behalf of defendant No. 1 whereby a binding contract between the parties came into existence.

( 3 ) THE defendant No. 2 applicant herein, is alleged to have furnished a personal guara