IN THE HIGH COURT OF JUDICATURE AT PATNA
CWJC No.4356 of 2008
M/S SARAN TRADERS & ORS
Versus
THE PUNJAB NATIONAL BANK & ORS
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17. 12.8.2010 As per administrative order of the Hon’ble Chief
Justice the case has been reassigned to this Court. This case
has been listed for orders.
On 29.7.2008 a supplementary affidavit has been
filed on behalf of the petitioners. It is stated that as would
be apparent from earlier orders of this Court for settlement
of disputes as between the petitioners and the Bank, a one
time settlement had been entered into for an amount of
Rs.95 lacs. Petitioners made some payments but thereafter a
dispute arose. The matter came to this Court. This Court
directed the Bank to progressively release the documents of
title in relation to various properties as pledged by the
petitioners for securing the debt. This Court allowed the
same subject to deposit of money from time to time. In that
manner it is not in dispute now that the principal amount
due under the settlement amounting to Rs.95 lacs have
already been fully liquidated. Bank then pointed out that for
the delayed payment there would be an interest liability
which again the petitioners agreed to pay. The interest
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liability was quantified to about Rs.24 lacs. Again pursuant
to orders of this Court Bank agreed to release two further
deeds. The petitioner was required to pay Rs.20 lacs
towards the interest for liquidation and the Bank was
required to give statement of account in respect of interest
on delayed payment for complete liquidation of dues and
closure of account. Unfortunately it is now the end of the
transaction and both the parties appeared to have run out of
steam. Petitioner states that out of the interest of Rs.24 lacs
he has already paid Rs.12.62 lacs. Thus leaving a balance
of only Rs.11.38 lacs. They have stated in the said affidavit
that with the title deed No.6001released to them they had
negotiated for sale of some land and entered into agreement
for a consideration of Rs.15.40 lacs which would have paid
off the entire outstanding balance interest as well and for
the consideration they had also received post dated cheques
of Rs.7.70 lacs but because of intervention of some
antisocial elements which taking advantage of petitioners’
predicament created problems on the site and, as such, the
purchaser refused to carry forward the deed. Repeated
disturbances are being made at site because of which
petitioners were forced into litigation. To show their bona
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fide thereafter they have further deposited Rs.50,000/- in
August, 2010. Learned counsel for the Bank does not
dispute these basic facts. The balance interest outstanding
now is Rs.10.88 lacs. Petitioners want some indulgences to
pay the amount having already paid over Rs.1 crore.
Learned counsel for the Bank, on the other hand, states that
this cannot be granted without liability to pay further
interest on the delayed payment. To this Court the fact is
not in issue inasmuch as in the earlier orders itself this
Court had clearly indicated that the indulgence was being
granted to the petitioners subject to petitioners paying
interest for the delayed payment and it is on that account
Bank had indicated that the interest component would be
Rs.24 lacs. But that was September, 2009. Bank was
required to give the latest statement of interest in respect of
delayed payment. It has not given the calculation as yet.
I, accordingly, direct that within one month from
today Bank would give clear calculation of interest for the
delayed payment of the interest component of Rs.24 lacs
giving due credit to amounts paid as against this as noted
above. Upon this statement being given to the petitioners,
petitioners would then liquidate the same within three
4
months. While doing the calculation the Bank would take
into account the bona fides of the petitioners all along and
the efforts made by the petitioners to liquidate the dues, so
that the matter may come to a final settlement rather than it
becoming a debt trap once again. Till all accounts are
finally settled, petitioners would deposit at least Rs.4 lacs
per month and it is hoped that within four months the
accounts would finally be closed to everybody’s
satisfaction.
Put up this matter on 6th December, 2010 when both
parties would give affidavits in support of compliance and
closure of accounts.
(Navaniti Prasad Singh,J.)
Spal/