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SUPREME COURT OF INDIA

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CASE NO.:

Appeal (civil) 5287 of 2001

PETITIONER:

PUNJAB NATIONAL BANK

RESPONDENT:

O.C. KRISHNAN AND ORS.

DATE OF JUDGMENT: 13/08/2001

BENCH:

B.N. KIRPAL & N. SANTOSH HEGDE

JUDGMENT:

JUDGMENT

2001 Supp(1) SCR 466

The following Order of the Court was delivered :

Special leave granted.

In the instant case, a suit was filed by the appellant for recovery of

money from the principal debtor as well as the guarantors. The suit was

transferred to the Debts Recovery Tribunal and thereafter on 17th May, 1996

decree was passed by the Debts Recovery Tribunal, Calcutta.

The said suit was decieed for a sum of Rs. 12,09,175.39 against the

principal debtor as well as against the guarantors, along with interest

thereon, and it was further directed that the Recovery Officer shall first

proceed to realise the amount on the sale of hypothecated plant and

machinery and mortgaged property belonging to respondents 5 and 4

respectively and thereafter proceed to realise the balance, if any, in

accordance with law. Pursuant thereto, certificate was issued and recovery

proceedings started.

The respondent who was a guarantor and whose property was sta