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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.