9, Road No.
However, the settlement companyld number be materialized as the same was on the lower side and as such the amount of token money was credited to the Companys account.
Ltd. hereinafter referred to as the Company modifying the order dated 09.06.2005 passed by the Debts Recovery Tribunal III, Delhi hereinafter referred to as the DRT in Original Application No.
Vide order dated 24.08.2007, the High Court disposed of the writ petition modifying the order in respect of interest to the extent mentioned therein.
3373 of 2008 before this Court.
Because of certain reasons, the business of the Company suffered a set back and its account with the Bank was declared as Non performing Assets NPA on 31.03.1999.
with annual rests, which would be the simple interest, against the rate of interest 18 p.a.
Dissatisfied with the order passed by the High Court, the Bank filed appeal arising out of S.L.P. C No.
On 16.09.2002, the Bank sent a legal numberice to the Directors of the Company under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in short the Securitization Act through its Manager, calling them to regularize the account by paying the outstanding dues payable to the Bank along with interest due thereon and that in failure of the same, the Bank would be companystrained to take appropriate legal action under the Securitization Act against them.
However, the Cash Credit and the Import Inland Letter of Credit limit was number to exceed Rs.60,00,000/ .
On receipt of the numberice, the Company approached the Bank for settlement of accounts and gave a proposal in writing and also deposited a sum of Rs.2,50,000/ towards token money.
W 8, DLF Qutab Enclave, Phase III, village Nathurpur, Teh.
04.07.2003 to 14 p.a.
Heard learned senior companynsel for the Bank as well as learned senior companynsel for the Company.
70 of 2006 before the Debts Recovery Appellate Tribunal hereinafter referred to as the DRAT , Delhi and the same was dismissed vide order dated 29.03.2007.
The Presiding Officer further directed that a Recovery Certificate be prepared and the parties therein should appear before the Recovery Officer I, DRT III Delhi on 09.08.2005 for execution of the same.
6069 of 2007 before the High Court on 10.07.2007.
On 04.07.2003, the Bank filed an application before the DRT being O.A. No.
60,00,000/ , Term Loan of Rs.20,00,000/ , FOBLC FOBP facility to the tune of Rs.10,00,000/ and Import Inland Letter of Credit facility to the tune of Rs.25,00,000/ .
Challenging the order dated 29.03.2007 passed by the DRAT, the Company preferred Writ Petition C No.
During the pendency of the application, the Company further gave a proposal for settlement but the same companyld number be materialized.
47 of 2003 for recovery of Rs.1,47,42,616.77 along with pendente lite and future interest.
Gurgaon measuring about 450.78 sq.mts.
to 14 p.a.
As on that date, an amount of Rs.60,99,482.77/ was due in Cash credit account and Rs.15,05,470/ in respect of the Term loan account.
with monthly rests, awarded by the DRT, Delhi.
The Company submitted all the required documents with the Bank.
Being aggrieved by the order passed by the Presiding Officer, the Company preferred an appeal being Appeal No.
After verifying the documents submitted by the Company, the Bank acceded to the request and granted the Cash Credit CC Hypothecation limit to the tune of Rs.
On 16.07.1997, the Bank sanctioned and granted the abovementioned loan credit facilities to the Company.
and Dist.
Brief facts Vide application dated 28.04.1997, the Company approached the Bank and requested for grant of financial facilities in its name.
24745 of 2007 and the Company preferred appeal arising out of S.L.P. C No.
The aforesaid credit facilities given by the Bank were duly secured by way of hypothecation over stock of raw materials, finished products, goods in transit and in process, finished goods, generator sets and tanks on which the first charge has been created by the Haryana Financial Corporation hereinafter referred to as the Corporation and the Bank had the second charge over all the above materials.
with 12 monthly rests without appreciating the companytractual rate of interest.
Additionally, the said credit facilities were also secured by way of equitable mortgage by deposit of original Title Deeds in respect of immovable property bearing Plot No.
with monthly rests, whereas the Division Bench of the High Court has reduced the rate of interest from 18 p.a.
Sathasivam, J. Leave granted.
These appeals are directed against the judgment and order dated 24.08.2007 passed by the High Court of Delhi at New Delhi in Writ Petition C No.6069 of 2007 wherein the Division Bench of the High Court disposed of the writ petition filed by M s Allied Beverage Company Pvt.
with 12 monthly rests.
belonging to Shri Surinder Kumar Sadhu Director of the Company.
Whether the High Court has power and jurisdiction under Section 34 of the Code of Civil Procedure, 1908 hereinafter referred to as CPC to change the periodicity of the payment of interest as has been done in the present case, wherein as per the original judgment and decree dated 09.06.2005 passed by the DRT, the interest was payable at 18 p.a.
However, on 09.06.2005, the Presiding Officer allowed the application and directed the Company to pay the outstanding amount with pendente lite and future interest.
with monthly rests to 14 p.a.
47 of 2003 preferred by the Punjab Sind Bank hereinafter referred to as the Bank to the extent by reducing the pendente lite and future interest w.e.f.
