R.K. GUPTA, (CHAIRPERSON)

1. They are heard. This is an Appeal preferred under Section 20 of the RDDBFI Act, 1993 challenging the order passed by the DRT on 2nd April, 2012. By this order, the objection, which was raised by the appellants against the application for substitution of Kotak Mahindra Bank Ltd. has been rejected. The relevant facts for the adjudication of the present Appeal are that the State Bank of India initially filed a Civil Suit for recovery of its dues, subsequently, the said Suit was transferred to the DRT and the same was allowed by an order dated 12th May, 2006 and, accordingly, the Recovery Certificate was issued for a sum of Rs. 1,41,74,528.37 together with cost and pendente lite and future interest @ 16.5% per annum with quarterly rests from the date of filing of the Suit i.e. 30th April, 1993 till full realization. The liability was joint and several. The appellant Nos. 1 and 2 are the guarantors and the appellant No. 3 is the principal borrower.

2. This is to be seen that earlier Kotak Mahindra Bank Ltd. was impleaded by an order dated 13th March, 2007 and the said order was challenged before this Tribunal in an Appeal on the ground that the orde