G. Balagangadharan Nair, President - The complainant is a registered partnership firm with Mrs. R. Kalyani and V. Swaminathan as partners. They are also a Registered Small Scale Industry manufacturing Spun pipes. They had availed of several loans from the Trivandrum branch of the Bank of Tamil Nadu Ltd., on the security of 1 acre and 4 cents of property in Sy. No. 254/7 of East Kodungalloor, Alwaye owned by K.P. Lekshmikutty Amma, who was guarantor of the debts. The Bank of Tamil Nadu Ltd., was amalgamated with the Indian Overseas Bank on 19.2.1990. Under the scheme of amalgamation all the assets, liabilities and other civil obligations of the Bank of Tamil Nadu Ltd., become vested in the Indian Overseas Bank Ltd.

2. This firm had several disputes with the Bank relating to service charges, penal interest, DICGE premium, legal expenses etc., which according to the Bank involved a liability of Rs. 1.50 lakhs as on 1.1 0.1990. The guarantor was keen on disposing of this property which was worth Rs. 8 lakhs on 1.10.1990 but from which she was not getting any income. The debtors had offered another property owned by S. V. Das, the General Manager of the Company in lieu of the Alwaye