SURAJIT BARMAN Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Heard Mr. S.P. Roy, learned counsel for the petitioners. Also heard Mr. S. Dutta, learned senior counsel, assisted by Ms. S. Mochahari, learned counsel for the respondents.

(2.) This petition for review is in respect of order dtd. 3/11/2022, passed by the Division Bench in W.A. No. 229/2022, by which the direction contained in judgment and order dtd. 23/2/2022, passed by the learned Single Judge in W.P.(C) No. 4423/ 2018, by which 18% interest was granted to the petitioners against the respondents on further delay on part of the appellants to refund a sum of Rs.1,80,10,000.00 (Rupees One Crore eighty lakh ten thousand only), within 45 (forty five) days from the date of the order.

(3.) In brief, the case of the petitioners is that pursuant to an advertisement for auction sale of a security asset taken over under the SARFAESI Act, they were successful joint bidders for purchasing such property. On 20/6/2016, the petitioners had deposited their bid of Rs.1,80,10,000.00 (Rupees One Crore eighty lakh ten thousand only). However, the respondents could not hand over the said property to the petitioners and as such, the petitioners demanded refund of the bid amount. Therefore, the petitioners had approached this Court by filing a writ petition, which was registered and numbered as W.P.(C) No. 4423/2018. The learned Single Judge, by order dtd. 23/2/2022, directed the respondents to refund the deposited bid amount within 45 (forty five) days from the date of the order along with interest at the prevailing banking rate, by further directing that on further delay on part of the appellants to refund the amount within the period stipulated, interest would be 18% interest per annum on the actual amount. The relevant paragraphs of the said order are quoted below:-