BANK OF INDIA Vs. STATE OF HARYANA

JUDGEMENT

(1.) The tractor loan was granted by the petitioner-Bank to respondents No. 3 and 4 of Rs. 1.30 lacs on 23.11.1994 at the then prevailing rate of interest of 15.5% with half yearly rests. There were defaults in repayments and consequently the petitioner filed a claim under Section 8 A, 8(i), 3(5) of the Haryana Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1973 (hereinafter referred to as 'the said Act') seeking recovery of the then principal amount outstanding alongwith interest.

(2.) On account of the defaults in repayment of the loan, the account was declared as a Non Performing Asset (NPA) on 25.9.1995 and thus, thereafter interest was payable but not debited in the account. The petitioner filed a certificate dated 30.1.2001 certifying that a sum of Rs. 1,25,317-99 was payable as uncharged accrued interest against the loan account from 25.9.1995 to 30.9.2000 in addition to the amount showed in the certified copy of the statement of account under the Bankers Book Evidence Act of Rs. 1,12,439-01.

(3.) The claim of the petitioner was decided by the impugned order dated 28.2.2001, in terms whereof only the amount in the statement of account has been allowed without allowing past, pendente lite or future interest.