Drat Delhi Court April 2002 Judgments

Canara Bank Vs. Mrs. K.P. Shanti Rao and ors.

Court: DRAT Delhi

1. This appeal by the lender Bank, namely, Central Bank of India, is against order dated 26.5.1999 passed by DRT, Delhi in O.A. No. 643/96, Central Bank of India v. K.P. Shantirao and Ors.2. The Tribunal below has allowed the recovery application and directed the respondents to pay the suit amount. The appellant Bank is satisfied with that order but is aggrieved in respect of the rate of pendente lite interest awarded by the Tribunal below. Hence, this appeal is only on a limited point whether the appellant should be given that rate of pendente lite interest which it claimed in the original recovery application.3. The appellant had claimed pendente lite interest @ 18% per annum chargeable with quarterly rests. The Tribunal, however, has granted pendente lite interest at simple rate of 12%.5. The contention of learned Counsel for the appellant was that the appellant ought to have been granted pendente lite interest at the rate of contractual rate of interest. On the other hand, learned...