R K GOYAL Vs. FINANCE COMMISSIONER

JUDGEMENT

(1.) Rule. With the consent of the parties, the writ petition is taken up for disposal. The petitioner has preferred this writ petition aggrieved by the dismissal of his appeal by the Financial Commissioner, vide order dated 28/1/1999. The appeal had been preferred against an award dated 21/11/1998 made by Mohd. Zubair, the sole Arbitrator. The arbitrator by the said award had awarded a sum of Rs.1,27,257.61 to respondent No.2, The Citizen Cooperative Bank Ltd. against respondents Nos.3, 4 and the petitioner. The award also carried future interest at 18 per cent plus penal interest @2% per annum to be compounded quarterly from 1/7/1998 till realisation in full.

(2.) The Financial Commissioner while dismissing the appeal noticed that the appeal had only been preferred in this case by the petitioner. The principal borrower M/s S.S.Enterprises, respondent No.3 and Sh.J.N.Aggarwal had not preferred any appeal. The Financial Commissioner found that the overdrafts, which had been given to respondent No.3, were cleared and carried the signatures of the petitioner. He found no ground to interfere with the Award.

(3.) The relevant facts may be briefly noted at this stage. Respondent No.3 had been sanctioned a cash credit account and an overdraft facility in the current account. Cash Credit limit was Rs.20,000.00 while the overdraft limit in the current account was Rs.1,36,000.00. The overdraft facility in the current. account was secured by an FDR. The petitioner who happened to be Chief Executive Officer,is stated to have tendered his resignation on 29/12/1993, which was accepted on 4/2/1994.