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SANJAY YADAV, S.K.AWASTHI
Dinesh Agarwal and Associates – Appellant
Versus
Pawan Kumar Jain – Respondent
SANJAY YADAV, J.
Present petition is directed against the order dated 29-10-2013 passed by the Debts Recovery Appellate Tribunal, Allahabad whereby the appeal directed against the order dated 8-3-2013 passed by the Debts Recovery Tribunal has been disposed of with certain directions.
2. Relevant facts briefly are that respondent No. 1 sole proprietor of M/s Arpit Brothers availed cash credit facility from respondent No. 2/Bank. As respondent No. 1 defaulted in repayment, proceedings were brought by respondent No. 2 for recovery of Rs. 21,49,778.92 on 12-1-2005 before the Debts Recovery Tribunal along with pendente lite and future interest @ 15.50% per annum with quarterly rests. Respondent No. 1 remained ex parte. Consequently, ex parte judgment was passed on 8-11-2005 whereby respondent No. 1 was directed to pay to respondent No. 2 sum of Rs. 21,49,778.92 along with interest @ 12%, pendente lite and future interest, from 12-1-2005 and costs. Failing which it was ordered that the Bank shall have the right to recover by sale of charge/hypothecated/mortgaged properties. Since respondent No. 1 failed to honour the judgment, respondent No. 2 took recourse to auction the propert
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