Hi Praful,
There are two ways to inject a default route into EIGRP: redistribute a static route or summarize to 0.0.0.0/0.
Summarizing to a default route is effective only when you want to provide remote sites with a default route. Since summaries are configured per interface, you do not need to worry about using distribute-lists or other mechanisms to prevent the default route from being propagated toward the 3rd router.
Check this link for more details and some good points regarding EIGRP
http://www.cisco.com/warp/customer/103/eigrp-toc.html#defaultrouting
HTH
Ankur