CORPORATION BANK Vs. N.K. MALHOTRA

JUDGEMENT

(1.) - This appeal has been preferred against the order passed by the learned DRT III dated 23rd July, 2009 by the appellant, Corporation Bank. The grievance of the appellant Bank has the following three prongs. The appellant Bank was not granted pendente lite and future interest for a period of four years by the learned -DRT. Secondly the respondent has been granted enough time to pay the above said debt. Lastly no costs were awarded by the learned Trial Court in favour of the appellant Bank.

(2.) I have heard the learned Counsel for the respondent as well. It was explained that Notice under Section 13(2) of the SRFAESI Act was issued on 1.2.2004 wherein a demand in the sum of Rs. 983596/- was raised. He further submitted that the record reveals that the account of the respondent was declared NPA on 31.1.2003 which goes to reveal that the respondent was liable to pay a sum of Rs. 8,59,235.00 as is apparent from the Notice under Sec. 13(2) read with Sec. 13(3) of SRFAESI Act dated 1.2.2004. The learned Counsel for the respondent vehemently argued that he is liable to pay principal amount on 31.1.2003 i.e. Rs. 8,59,235.00.

(3.) I find force in his argument in a measure. Para No. 6 is to be read holistically. It is reproduced as follows: