9911796707
TMI Blog2018 (1) TMI 1638X X X X Extracts X X X X X X X X Extracts X X X X ..... r, Adv. JUDGMENT 1. The challenge in this appeal is to the Order dated 10.10.2007 passed by the High Court of Judicature at Madras by which the High Court in a writ petition filed by the Respondent-Bank had set aside the order of the Debt Recovery Appellate Tribunal ("DRAT") granting extension of time by condoning the delay that has occurred on the part of the Appellants in making payment of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2005 and a further sum of Rs. 35 lakhs on 17.10.2006 in terms of a conditional order passed by the DRAT staying the sale/auction of the mortgaged property. Finally, on 29.10.2006, a further payment of Rs. 3 lakhs was made. In the above manner a sum of Rs. 41 lakhs stood paid by the Appellants to the Respondent-Bank as on 29.10.2006. 3. Before the DRT, the Appellants had sought for extension of ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The said decision of the Bank will be taken at the appropriate level and will be placed before the Court in a sealed cover. 5. The Appellants, pursuant to the aforesaid Order dated 7.12.2017, has made an offer of an additional payment of Rs. 10 lakhs by offering a compensation of Rs. 3,000/- per day (approx.) for the delay of 320 days that had occurred in making the payment as per the terms of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered the matter and had taken the view that even on the face of the express terms between the parties that the bank would have a right to recover the full amount due in the event of default on the part of the Appellants, the same was not the only course of action or the sole option and that on the grounds shown for the delay the same is liable to be understood in favour of the borrower. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mple interest @ 24% p.a. on the amount of Rs. 34.5 lakhs (as agreed to in the Lok Adalat) for the period from the date of the Award of Lok Adalat, i.e., 10.09.2004 to the date of last payment, i.e., 29.10.2006. In addition, a further amount of Rs. 10 lakhs to be paid by the Appellants to the Respondent-Bank as compensation and costs. 9. The above amounts will be paid by the Appellants to the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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