Full Judgment Text
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PETITIONER:
CENTRAL BANK OF INDIA
Vs.
RESPONDENT:
M/S. MADAN LAL & BROTHERS & ORS.
DATE OF JUDGMENT01/11/1995
BENCH:
RAMASWAMY, K.
BENCH:
RAMASWAMY, K.
KIRPAL B.N. (J)
CITATION:
1995 SCC Supl. (4) 213 JT 1995 (9) 129
1995 SCALE (6)353
ACT:
HEADNOTE:
JUDGMENT:
O R D E R
It is stated that respondents 5-7 are the legal
representatives of respondent No.4. Therefore, the need to
substitute them is obviated. They would represent the estate
of the deceased-4th respondent.
Leave granted.
We have heard the counsel on both sides. In all
fairness, the counsel for the respondents had stated that
hypotheca, namely, the factory premises situated at G.T.
Road, Phagwara, ground floor marked as A, B, C, D, E, F, G,
H, and I together with all structure existing thereon, with
all the shade, Kothas, boundary walls etc. etc. as mentioned
in the Schedule to the plaint be assessed at its market
value as on date and may be put to execution. The amount
realised out of sale thereof would be credited to the
account of decree in question. In case the property is not
sufficient, then it would be open to the respondents to
proceed for the recovery of the dues by proceeding agaist
other orders or proceedings accordance with law. We
appreciate the fair stand taken by the learned counsel for
the respondents. Accordingly, the appellant is at liberty,
in the first instance, to proceed with the sale of the
aforesaid property and realise the decretal debt from the
sale proceeds and to have the same satisfied with the decree
in execution. In case there is any shortfall, it would be
open to the appellants to proceed against any other assets
or personally against any other defendants in accordance
with law. If sale proceeds are in excess, it is needless to
mention that the amount in excess of the decretal amount
would be paid over to the respondents.
The appeal is accordingly disposed of. No costs.