DRAT Dismisses Appeal: Bill Acceptors Liable Jointly with Borrower; Ex-Parte DRT Decree Upheld

Lohia Corp Ltd Vs ING Vysya Bank Ltd (DRAT Allahabad) The appeal before the Debt Recovery Appellate Tribunal, Allahabad was filed under Section 20 of the RDDBFI Act against part of an order dated 11.09.2015, by which the original application of the bank was allowed. The appellants contended that they were neither borrowers nor guarantors for the credit facilities extended to the borrower company and its directors, and that their liability was wrongly fixed solely on the basis of Hundies. They argued that the Hundies were neither accepted by them nor presented with the original application and...