PHALAK FUN AND FAME INDUSTRIES Vs. JOINT REGISTRAR

JUDGEMENT

(1.) FIRST Appeal u/s 78 has been preferred by the appellants against an order of Joint Registrar Cooperative Societies, Ujjain passed u/s 84-A on 31.5.2006 in Case No. 548/04-05.

(2.) ACCORDING to the brief facts of the case, the appellant No. 1 is the borrower of respondent No. 2 Bank. The repayment of cash credit sanctioned to the appellant was guaranteed by appellants No. 2 and 3. As the loan amount was not repaid and a balance of Rs.2,83,711/- remained balance on 30.6.2004, the respondent Bank approached Joint Registrar u/s 84-A for obtaining the certificate of award from him. Joint Registrar accordingly through the impugned order has directed the respondent Bank to go for recovery from the movable and immovable properties of the appellants for the amount claimed. This appeal has been filed against this order.

(3.) TRIBUNAL earlier in its initial order on 1.3.2004 as agreed by the two sides had authorized Shri Virendra Chhada, Chartered Accountant for the proper calculation of interest. A statement has accordingly been submitted before the Tribunal. Learned counsel for the appellant did not fully agree with this calculation and accordingly citation from the judgment of Hon'ble apex Court was also provided for him to facilitate his calculation on the basis of the principles laid down by the apex Court.