NEW BANK OF INDIA Vs. SUBA SINGH

JUDGEMENT

(1.) The petitioner-bank feeling aggrieved against order dated 23 12 1994 passed by the Executing Court whereby it was held that it was entitled to further in terest on the original loan amount of Rs 5,000.00 only has challenged the same by way of the present revision petition

(2.) The sole point for consideration in the present revision petition is whether the petitioner - bank is entitled to interest on the suit amount which included the principal amount and interest or on the original loan amount

(3.) The respondent ]udgment debtor filed an objection in the execution proceedings stating that he had already deposited Rs. 7,000.00 on 2/11/1993 and about Rs 5,000.00 was adjusted under Debt Relief Scheme by the bank and as per the law of damdupat no amount more than twice the original loan amount can be recovered It was further averred that the judgment debtor had bor rowed only Rs. 5,000.00 and the decree holder had filed execution wrongly calculating the interest. The interest can only be charged on Rs. 5,000.00 but the bank has charged compound interest on all costs and other expenses which is not permissible. The other objection taken by the objector was that no final decree has yet been passed and the decree holder has not submitted the statement of account regarding the disputed amount from the date of decree till filing of the execution.