PUNJAB & SIND BANK Vs. DELHI AUTOMOBILES LTD.

JUDGEMENT

(1.) THE appellant is aggrieved against the order of the DRT passing a decree on the NPA amount of Rs. 14,41,72,995/ - along with interest @10% p.a., on the ground that this amount has been awarded against the amount of Rs. 31,92,34,594.84 as claimed in the O.A. The NPA amount was claimed with interest @18.75% p.a. with quarterly rests. The grievance of the bank further is that the Tribunal has gravely erred in passing a decree of NPA amount as stated above in the background that earlier, in the year 2001, the Tribunal had already issued a Recovery Certificate for a sum of Rs. 22,86,65,077.89 against respondents 1 to 4 as interim decree on the basis of admission of the respondents. As per the appellant, once a sum of Rs. 22.86 lacs (approx.) was allowed as an interim decree in the year 2001, the Tribunal below could not have changed this to NPA amount, which was Rs. 14,41,72,995/ - though with interest. The bank has accordingly filed the present appeal.

(2.) FACTS as pleaded shows that appellant had filed an Original Application (O.A. No. 677/2000) before the DRT for recovery of Rs. 32,63,59,451/ - along with interest @ 18.75% p.a. with quarterly rests and costs against the respondents jointly and severally. The appellant had sought recovery of the amount by sale of the hypothecated and mortgaged property which included 1, Sinkandra Road, New Delhi in the name of respondent No. 1. While issuing notice on 26.12.2000, the Tribunal directed the respondents to maintain status quo in regard to the immovable property. On being served, respondents put in appearance before the Tribunal. The appellant bank then filed an application under Order XII rule 6 CPC read with sections 19(20) of the RDDBFI Act, seeking a decree on the basis of admission of respondent No. 1 statedly made in its Balance Sheet for the financial year ending 31.3.1999. It was urged that in the said Balance Sheet, respondent No. 1 had unequivocally admitted and acknowledged the debt of Rs. 22,86,65,077.89 as payable to the appellant bank as secured creditor. Finding this admission to be clear and unequivocal, the Tribunal, on 28.5.2001, passed a decree in the sum of Rs. 22,86,65,077.89 against respondents 1 to 4 on the basis of this admission. Respondents were directed to pay this amount within 30 days and in case of default, the amount was ordered to be recovered by sale of mortgaged property. Interim Recovery Certificate was also issued and the O.A. was ordered to continue for the balance amount, interest and cost.

(3.) IT is also averred in the appeal that on the basis of judgment passed by the Apex Court in the case of Central Bank of India vs. Ravindra & Ors., : AIR 2001 SC 3095, the appellant had recasted the statement of accounts giving benefit to respondent NO. 2 of net compounded effect of Rs. 71,24,856.16. The O.A. amount was accordingly revised to Rs. 31,92,34,594.84.