Common Judgment: (P.K. Misra, J.)

For convenience, the Debt Recovery Tribunal and the Debt Recovery Appellate Tribunal are hereinafter referred to as "DRT" and "DRAT" respectively.

Mrs.S. Pareealam, wife of Mr.A.K. Srikanth, is the petitioner in W.P.No.6149 of 2005. She is the Proprietrix of M/s. Verismo Impex. One Aishwaraya & Company has transferred a Letter of Credit No.10991 dated 11. 2001. The applicant of such Letter of Credit is Supreme Impex Agency, Singapore and the beneficiary was Aishwaraya & Company. The petitioner also received another Letter of Credit from Supreme Impex vide L.C.No.LCDP 1910 issued by UCO Bank, Singapore. On the basis of these two Letters of Credit, she had approached the Indian Overseas Bank (in short "IOB") for a packing credit to a tune of Rs.50 lakhs. IOB had given credit to a tune of Rs.25 lakhs. In connection with the aforesaid transaction, IOB filed O.A.No.304 of 2003 before the DRT against M/s. Verismo Impex, represented by its Proprietrix and Mrs. Pareemalam and her husband A.K. Srikanth as borrowers and Dr. Shantha Ramakrishna, who was the guarantor. An ex-parte final order was passed by DRT on 35. 2004 in such Original Applicati