KAUSHALAYA DEVI Vs. DELHI NAGRIK SEHKARI BANK LTD

JUDGEMENT

(1.) We have heard learned counsel for the parties at length and proceed to dispose of the present writ petition.

(2.) The petitioners have preferred the present writ petition to seek the setting aside of the orders dtd. 15/5/2015 and 28/6/2017 passed by the Delhi Cooperative Tribunal (DCT), Delhi. The petitioners also seek remand of the case back to the learned DCT, Delhi, or before the Sole Arbitrator, who has passed the award dtd. 24/2/2014 for deciding the amount outstanding/ rate of interest for the delayed period, afresh. The petitioners also seek refund of excess amount of Rs.1,11,23,272.00 deposited by the petitioners "under protest", for release of their title documents.

(3.) The background facts are that the respondent/ Delhi Nagrik Sehkari Bank Ltd. sanctioned an amount of Rs.3.20 Crores as loan to the petitioners in early October 2009 @ 12.5% per annum. The term of the loan was extended by one year on 28/10/2010. On 31/3/2012, the account was declared as a Non-Performing Asset (NPA) showing an outstanding balance of Rs.3,19,78,753.00. On 18/10/2012, the respondent bank issued a notice under Sec. 13(2) of the SARFAESI Act for an amount of Rs.3,41,97,368.00 along with interest @ 17% per annum (15% + 2% penal interest) from 1/10/2012 till the date of full and final payment.