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2010 (5) TMI 379 - SC - Indian LawsWhether the Bank has alleged in the suits that the amounts are due to the Bank from the respondents, that the liability of the respondents has arisen during the course of their business activity, that the said liability is still subsisting and legally recoverable? Held that:- Partially allow this appeal and while modifying the order of the High Court to the extent that, the appellants would be liable to pay to the respondent Bank a sum of ₹ 9,63,975. (approximate value of the hypothecated stock sold by the appellants) with interest at the rate of 6 per cent per annum on the above sum during the period from 14-3-1988, the date of filing of the plaint, to the date of actual realization as originally allowed by the Tribunal. Further direct the Chairman of the Allahabad Bank to examine this case in light of our discussion supra and take appropriate action against erring officers/officials in accordance with law.
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