w w w . L a w y e r S e r v i c e s . i n

Oriental Bank of Commerce V/S Dashmesh computer embroidery Pvt. Ltd.

    Appeal Nos. 160 to 163 of 2009
    Decided On, 10 September 2010
    At, Debt Recovery Appellate Tribunal At Delhi

Judgment Text

1. This order shall decide the abovementioned four appeals. In all these appeals, notice under Section 13(2) of the SRFAESI Act was issued on 26.3.2008 wherein a demand in the sum of Rs. 2,26,76,997.91 was raised as on 30.9.2007. This amount pertains to all the abovementioned four cases. The appellant Bank had demanded pendente lite and future interest at the contractual rate from 1.10.2007 till the date of filing of S.A. which is 7.8.2008.

2. Out of this, the respondents had paid a sum of Rs. 1,50,00,000/- as per order passed by this Court on 30.6.2010 upon which two title deeds were released by the Bank in favour of the respondents/borrowers. Those title deeds pertain to property bearing No. F-3/5, Okhla Industrial Area, New Delhi and 18/18-A, Tilak Nagar, New Delhi. The appellant Bank has still got three other properties which are still mortgaged with the Bank.

3. I have heard the Counsel for the parties. As agreed, it is hereby ordered that the respondents would also pay interest for the period from 1.10.2007 till 25.3.2008 @10% p.a.

4. It has also transpired that the parties had entered into a number of compromises and as per the latest compromise the respondents were to pay the said amount by 31.8.2010. The respondents have failed to live to the said compromise agreement. They have yet to pay the abovesaid remaining amount. They are directed to pay to the Bank the remaining amount in instalments in the sum of Rs.7.5 lacs per month till the full realisation. The first instalment in the sum of Rs. 10 lacs as agreed shall be payable on 10.10.2010 and remaining instalments in the sum of Rs. 7.5 lacs be paid on or before 10th of each succeeding English calendar month.

5. The pendente lite and future interest will be paid till the total realisation @ PLR rate simple on reducing balance from 26.3.2008 till realisation and prior to that @ 10% simple as already stated above. Counsel for the respondents objects that the respondents should be asked to deposit simple rate of 10% p.a. interest w.e.f. 26.3.2008. I see no force in this contention. Record reveals that the respondents have waddled out of their commitments time and again and therefore I award PLR interest in favour of Bank and against the respondents.

6. The respondents will also pay the costs of this Court which must not exceed Rs.1.5 lacs.

7. This is also made clear that in case there is a single default the appellant will not be precluded to proceed against the respondents under the SRFAESI Act. On the other hand, in case the respondents make the full payment, the appellant Bank would

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release the title deed and would issue 'no-due certificate' within a week from the realisation of the full amount. 8. The appeals stand disposed of. 9. Copies of this order be furnished to the parties as per law and one copy be sent to the learned DRT forthwith.