CHANDIGARH MARBLE INDUSTRIES Vs. NEW BANK OF INDIA

JUDGEMENT

(1.) Revision was admitted to D.B. as there was some conflict of judicial opinion with regard to rate of interest prior to the filing of the suite, pendentelite interest as also future interest. We would have gone into question but for recent decision of the Supreme Court on point in Corporation Bank v. D.S. Gowda, 1994 ISJ(Banking) 594 followed by another judgment of the Apex Court in Bank of Baroda v. M/s Jagannath Pigment & Chem.,1993 ISJ(Banking) 573. The learned counsel representing the parties could not dispute that in view of the law laid down in Corporation v. D.S. Gowda case the question as referred to above has to be decided against the petitioner.

(2.) In view of the authoritative pronouncement of the Supreme Court the revision is dismissed.

(3.) Mr. Goel has, however informed the Court that an amount of Rs. 25,000/- was paid on 2.5.1998 (?) whereas another amount of Rs. 2,11,823.38 on 12.3.1993 as also an amount of Rs. 47,058/- on 14.5.1993. In the manner referred to above, in all an amount of Rs. 2,83,886.38 has since been paid. In addition to that the petitioner paid an amount of Rs. Four Lacs on 20.6.1996 and out of the said amount of Rs. 12,000/- were refunded being excess of the amount of the decree. On these facts Mr. Goel states that sale which has since been confirmed as ordered by this Court in the interim order admitting the revision petition, the sale should be set aside. It is not possible for us to record any finding whether the sale on the facts as stated above needs to be set aside. That is not the scope of revision before us. The petitioner would be well within his right to move an application to the executing Court for setting aside the sale and if such an application to the executing Court for setting aside the sale and if such an application is filed the same shall be decided in accordance with law. Mr. Goel representing respondent at this stage says that such an application for setting aside the sale is not permissible at this stage as barred by time. This question shall also be gone into by the executing Court.