{"id":106556,"date":"2008-04-16T00:00:00","date_gmt":"2008-04-15T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/h-s-vishwanth-vs-the-managing-director-on-16-april-2008"},"modified":"2014-03-06T16:26:43","modified_gmt":"2014-03-06T10:56:43","slug":"h-s-vishwanth-vs-the-managing-director-on-16-april-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/h-s-vishwanth-vs-the-managing-director-on-16-april-2008","title":{"rendered":"H S Vishwanth vs The Managing Director on 16 April, 2008"},"content":{"rendered":"
Karnataka High Court<\/div>\n
H S Vishwanth vs The Managing Director on 16 April, 2008<\/div>\n
Author: V.Gopalagowda & Swamy<\/div>\n
IN THE I-IIGH COURT OF KARNATAKA. AT BANGAIQRE\n\nDATED THIS mm mm my or APRIL 200%:\n\nPRESENT\n\n'HIE HON'BI.E mz.JUs'rIcE   A \"\n\nTHE Hoz~:*3LE \nREVIEW m':f;'rx\u00a2)Ar_;,_;_$r;;_(>;\u00a7_1k1%8%z2\u00a2o6eV% \nREVIEW PE\ufb01:*i%N\n\n \n\n  \n\nREVIEW 1rr:*rz%r1g:2:%k:;b.I1\u00ab181g_9_Qg_  %\nBE'I'WEEN: M 'V V' A' E\n\nH.S.Visf1wa1j,aih  \nS\/0.Subb\u20acgowda'=. \" V'\nKM Road  \" V  A\nMudigei%::.Ta1uk..V \"  \n\no\n\n *  Di\u00e9tnet' ..Petitioner\n\n_ ~ T _  Subramar1ya\u00abR. for\n\" ._  [s,'2_\u00a3s}1Q'k' Harnaha\ufb02i Associates, Adv.)\n\n' H H K   ~Th\u00a2  Director\n\n_ Disii. C0-operative Bank Ltd.,\n\" - Chickntiagalur.\n\nT  2} 'The Joint Regstrar\n\nOf C0~opem.tive Societies\n\nMysore Divisio\nMysore. M\n\n\n\n3. The Sale O\ufb01icer\nDCC Bank\n\nMudigere\nChickmagalur Dist.\n\n4. M.D.Dinesh\nS\/9.M.S.DevegoWda\nR\/o.Mt.1ggur1.tvaIli   \nBidarahalli Pest   '\nMucligere taluk\n\nChickmagalur Dist.    AV \"  \n\n(By Sri B.K.Manjunath, R1    3\nSr}. L.Umakar1t:han,,---AGA for  D.Nagaraj,\nAdv. for R4)     k %   \n\nREVIEW PETITIOIS' K\u00b0I1.~.j'..'3w8\nBmwmm     \nChickmaga1uf~\u00bbDi\u00e9*;'\ufb017\u00a7\u00a2t'V\" M   .   \nCo\u00aboperatiV\u00e9 ' C~<;i;t::1"aI  Lt\u00e9. , "  '  "\n\nRep. by its.Managin'g ..PetitioI1er\n\n(\ufb01y-s;~; 3_.i_;<.Manjunath, Adv.)\n\nx 4.1.V '.3-i;\u00abS ;V'i$IiW2i:hath\n\n'  ,. __S\/ Q; \n  \nMucligezfs 'l'ajiuk\n\n  LA Chi\u00e9kmggaiur Dist.\n\n% ff   .:I3.\u00a7')inev\u00e9;h\n\n' ,\u00a3g,i?9E.S.}Devcgowda\n\n'-   R\/o.Mugguruva.lIi\n  __Bidaraha1li Post\n\nMudigere Taluk\n\n Chickmagalur Dist. ..Respondents\n\n\\\\\/\n\n\n\nThese Review Petitions are \ufb01ieci under Order {\u20ac17\nRule 1 of CPC praying for review of the Judgment \n\nEmma dated 12.11.2007 passed in WA 580\/200?\u00bb\n\nthe file of the Hon\ufb01ole High Court of Karnataka.  '\n\nRP 118\/O8 ceming on for hearing  3 T\n\n141\/08, Gopala Gowda, J., made th::~fo11oW.i_ng:5  '<  Q.  \n\nORDER\n<\/pre>\n
Review Petition 118\/G8 xfaxf
\nalong with RP 141\/08v  by “‘fi\u00a7”st’ f\u00e9sper;dent~
\nBank. Review Petitien  along with
\nef\ufb01ce objections},  V’ disposal
\nand is being    ‘<\/p>\n
2.   1 13\/03 is seeking<\/p>\n
13.11.2007 passed in WA<\/p>\n
to review  sur brdef  ..\n<\/p>\n
580\/2007  A’>’;I1 e”‘ purchaser to deposit the<\/p>\n
J i.’amo1mt  with 9% interest upon the<\/p>\n
  the first respondexm\ufb01ank and<\/p>\n
V   furtheg  to rmeive the remaining sale<\/p>\n
‘ \u00a2<3nxsider.'a\u00a7j}:5n ameunt of 123.50 iakhs from the<\/p>\n
VA  in the Court sale Sri C.L.Puttaswa3:11y Gowda.<\/p>\n
' V'  3. Heard Sri Subramanya, learne\u00e9 counsel for the<\/p>\n
 \ufb01e\ufb01\ufb01oner, Sri B.K m, learned counsel far<\/p>\n
respondents 1 85 3 and petitioner in RP 141\/08 and also<\/p>\n
Sr: Llimakanthan, learned AGA fer R12. <\/p>\n
counsei Sri D\ufb01agaraj for R4 was not presesjii'   <\/p>\n
time of hearing of this petition.<\/p>\n
4. Memo of calculation A’  ~.\n<\/p>\n
petitioner staijng that he has   at
\nthe rate of 9% to t11ei~4.._.’};’3=_’  en the
\namount of 1?s.1.V7f1O.{:)(}\u00a7,h\/_{;VA “.’.”ee\u00a3iTiener\/debtor
\ncontends      and
\nclaimed  was at 14\u00b026: per
\nannum {it} the of Rs. 17 . 10 lakhs lean<\/p>\n
amount  by iix’ie\u00bb~}:\u00a7e_tifioner though he is entitled<\/p>\n
_.. for ‘of inieree\u00a7__’pe3’abIe by him at 9% as per the<\/p>\n
 ‘S\u20ac!3\ufb01I6I}1\u20ac\ufb02t Scheme’ of the Government vide<\/p>\n
its’ee1\u00a7i;:eer%d;::cde%e%1o.9.2oo7 the said bene\ufb01t is not<\/p>\n
 extended   i;he order under review. The memo of<\/p>\n
e    \ufb01led by the petitioner is not disputed by the<\/p>\n
   cotmsei for the first ;;”espondent- Bank.<\/p>\n
‘ 5. The Statement of Objection is \ufb01led by<\/p>\n
respendems 1 8; 3 to  peti\ufb01on Ne.118\/G8 \ufb01led<\/p>\n
5<\/span><\/p>\n
by the petitioner] debtor. It is contended by the<\/p>\n
respondents 1 & 3 counsel that the benefit of Onej’I’-\ufb01j1′:e”–.,_<\/p>\n
Settlement Scheme as per Govtjetter dated   ”<\/p>\n
permitting the debtors who have  ;_e A’<\/p>\n
the Cooperative Societies] B8i1}\u20ac_$ the 1:_>e’n.e\ufb01te.et’ <\/p>\n
at 9% payable en the   ‘\ufb01etvnjav\ufb02efilable
\nto the petitioner as t11e;:–..’_’Cu~;:e  “Sett1ee1ent scheme
\nwas extended upte 313*  tire petitioner
\nhas net avaigg\u00e9   prayed by the
\nlearned    to 3 that the
\npetitieneeis vvany-‘reduction in the rate of<\/p>\n
interest peyet\u00e9le ox:   amount as prayed by<\/p>\n
him or1_%;thee.basie’tt1e \u00a7’.:}z1e Time Settlement Scheme of<\/p>\n
“the  to supra.\n<\/p>\n
 ~.  counsel for the petitioner requested<\/p>\n
 V this (3e’t1rt”~Vte’e\u00a7\u00a7tend the said bene\ufb01t to him centerzding<\/p>\n
 ‘ ‘  the’ petitioner is entitled for the same and in fact he<\/p>\n
  such request at the time of addressing<\/p>\n
 ‘  “ar\u00e9ijmente on merits in the appeal, the same is net<\/p>\n
deoneidered and geared and therefore, this review<\/p>\n
petitien is filed. V<\/p>\n
7. The aferesaid contentions urged by the leameit
\ncounsel for the parties is examined by us to
\nwhether the petitiener is entitied for the relief
\nin this review petitiem. The review \ufb01es-I j_<\/p>\n
before this Court as on 31.3.2938. {rem ,’tE:ziev”fact,\ufb02 ” V’<\/p>\n
the learned counsel for the  had”  <\/p>\n
in the Writ appeai for   to
\noversight, We havepet   regard to
\nthe rate sf    upon the
\nloan amount   E1 the order
\npassed  t ‘ ”  on 12.11.2007.\n<\/p>\n
Further,  Bench of the Supreme<\/p>\n
iloufi V1?-5843 L.  the law regarding payment of<\/p>\n
  :At1″t:e’\u00ab..{)ebtor 8; Courts & the discretionary<\/p>\n
 of CPC in the case of Central Bank<\/p>\n
 tvof India Rcwtndra as Others reported in AIR
\n   S\u00e9si\ufb02at paragraph-41). The relevant portion<\/p>\n
 _V of_.v\u00e9’1*:iehA\u00a7.s extracted hereur:der:\u00ab<\/p>\n
“A few points are clear from a
\nbare reading 01′ the provision. While
\ndeereeing a suit if the decree be for
\npayment of money, the Court would<\/p>\n
adjudge the p  on the date<\/p>\n
ef the suit. The Court may also be
\ncalled upon to adjudge interest due
\nand payable by the defendant to the
\ngiiaintiff fer the pre–suit period which
\ninterest weuid, on the findings arrived<\/p>\n
at and noted by us herei11a.’mve.,~w.–_.ff .,
\nobviously be other thmi such ‘iiVn”i:eree;:t  _l -V ]
\nas has already stood eapite1ised~-eeEndet,.’A ‘
\nhaving shed its character as ‘interest,  . .
\nhas acquired the colour of me
\nand having stood amalgamated intheae
\nprincipal sum would be adjudged eo.~._<\/p>\n
The principal sumegljudged’  be
\nthe sum aetualiy”. VleaI’zec:1i_\u00bb’;p1’u$  i:l1e<\/p>\n
amount of interest on pei:iodiea._l”‘reete.<\/p>\n
which aceeeriing —  the  eentfaet
\nbetween the”jee1’tie:s ex’ \u00bbtl1e’4Ve’st\u00a3ibIi$i\u00a3’ied
\nbanking .p1’ecfi_ee   efepitalieed.\n<\/p>\n
Interest pendente \u00e9     future
\niI1tereet_   “poet-ggleeree not
\nexceeding E331”.C\u20ac1).t* emium) shall
\nbe awarded’ oi;-. e’i1eI’1–e_pi*i1ieipa1 sum 1.6:.
\nthe piineipal.Vemj1i.ad\u00a7udged on the date
\nof ti1e”e1:it..v It . is;  sett;___I___e___c_\u00a7 met the
\nmeet of the word’ ‘Hi-av.’ in See.34 confers
\nvjg_;c_1_i_\u00a7;\u00a7_;__z;c;”\u00a7_ie:1″‘e:1__j;l1e Court to award or<\/p>\n
 _   award interest or to award
\n‘  “iI1tereet”ei’:v such rate as it deeme fit.
\nv..S1ich”ititei’eet. so far as fE1l”.1;__I’\u20ac interest<\/p>\n
 is concemaa mav commence f1’___o__q_i the<\/p>\n
{iete___~of ._t-\ufb01e decree and may be made to
\netov ‘lftlfifli\ufb02\ufb01 either with Qeymeret or<\/p>\n
 .. ‘T such earlier date as the Court
\n” V _tij3_.ings fit. Shortly hereinafter we
\n 3}-t’opoee to gve an indication of the<\/p>\n
: circumstances in which the Court may<\/p>\n
i decline award of interest or may award<\/p>\n
interest at a rate lesser than the
\npermissible rate. ”\n<\/p>\n
(Emphasi  by the Court)<\/p>\n
8. That apart, S.3<\u00a7~{1) of CPC enabies the <\/p>\n
inciudmg the Arbitrator and the Tribunal <\/p>\n
lesser rate of interest than the ageed rate of   = ' <\/p>\n
the parties 01'; the principal amoraif 'b@th for  <\/p>\n
during pendency of the    <\/p>\n
of the award till the '-the
\nby the creditor.   'A V'<\/p>\n
9. In View of   ‘One
\nTime Settiement  i\u00a7’;: t:he1:.?’r1e’:’L’  bene\ufb01t of
\nconcessional  debtors which
\nbene\ufb01t     and since the
\nproceedinzgis\ufb01haire’  before this Court and<\/p>\n
also in 3,-riew of  d\u00e9ci\ufb01iax\ufb01rf the Apex Court referred to<\/p>\n
 V3t1pra”,’L’–v{s%ei\u00bb*-feel’ ii; jusiv\u00e9iiki proper to gant the above said<\/p>\n
1:;e:”{S:;E’it’V directing him to pay the interest<\/p>\n
  at 9%’-\u00ab.031 .i’a1i:\ufb01ouI1t of Rs.I7,IO,G0{)\/- for the peried<\/p>\n
 _8{)z.\u20ac>;\u00a7O()O to 15.1.2008 which works out to<\/p>\n
 1′? O\/– the total amount payable hy the<\/p>\n
 ‘::’_;:ct\u00a7%;\u00a7:oner\/debtor to the fiI’St respondenb\ufb01arxk Wouid be<\/p>\n
X  “1\u00a7s.27,96,17()\/~.\n<\/p>\n
\\\\x\u00ab\/<\/p>\n
10. According to the petitioner, as on 15.3.2008,<\/p>\n
the petitioner and others have deposited 135.4 lakhs atgd<\/p>\n
Court auction purchaser Mr.C.L.\u00a5’uttaswa.m;\u00a7f 1   i <\/p>\n
has deposited Rs.25 lakhs with <\/p>\n
Bank, thus the tote} amount’ detjazreit made  .<\/p>\n
petitioner, others &
\nMr. C. L.Puttaswamy  is  Aecertiing to
\nthe meme of calculation ‘:V’\u00a7:x,\u00a7titiener, the
\ntotal amount   te    27,96, 170\/ –\n<\/p>\n
by ca1cu}etiiigV.V.Vtii,e.;_:  vat 9% upon the
\n amount payable to the
\npetitioner    Bank.\n<\/p>\n
 f}IfheVv%_ortiei” passed in the Writ Appeal is seught<\/p>\n
Vite’  ~  —by the petitioner regarding certain<\/p>\n
   aspects We had not yanted the “bene\ufb01t<\/p>\n
 ef__Gever:1i\ufb01erit Order rgarding the reduction of rate of<\/p>\n
i  at 9% payable by the petitioner herein cm the<\/p>\n
V’   amount due te the Bank for which he is legally<\/p>\n
  _4_:4ene’t1ed to. Therefoie, the prayer regarding rate of<\/p>\n
interest payable by the petitioner to the Bank on the<\/p>\n
principal loan ameeet claimed by it at 9% by applying<\/p>\n
19<\/span><\/p>\n
the above bene\ufb01cial scheme, We must gent the reliefhto<\/p>\n
the petitioner in this review petition by <\/p>\n
order as indicated above. Accordingly the   ~<\/p>\n
petitioner in the review    <\/p>\n
gented. Further, We direct the aixctiorx pdxreilleser if<\/p>\n
deposit Rs. 10 lakhs and irltereet; arA”9%’\/o~
\niakhs deposited by fourt11″ae ahvdverded. us
\nin favour of fourth  the pubiic
\nauction purchaeegrlivaitl\ufb01gridd   ‘the date of
\nreceipt of    to return the
\nsaid sale’  with iniierest as
\nordered &t1:S’_ to  The remaining sale<\/p>\n
<;:or1si<:1ezfet:ior:1"-\u00ab e.s*   sale amount shali be<\/p>\n
"paid  to theV"pe-\ufb01tioner. The first respondent Bank<\/p>\n
'is  to pay Rs. },()3,830\/– which amount<\/p>\n
   is  it   petitioner. We further direct the<\/p>\n
 oeti\ufb01oneryytdzo execute the sale deed in favour of the Court<\/p>\n
  purchaser Mr.C.L.PuttasWamy Gowda after<\/p>\n
  eomgolying with the directions given in this review order.<\/p>\n
11<\/span><\/p>\n
12. In the above said terms, Review Petition
\n118\/08 is allowed directing the purchaser to deposit the
\nremairl\u00e9ng amount due to the Bank as indicated <\/p>\n
13. Since We have allowed the review petiti\u00e9\ufb01
\nby the petitioner in the abovesaidhi f\u00e9v\u20ac3’I”‘II1S,,’_’ “t1′:ue:.1:  u
\npetition \ufb01led by the Bank in RP 1q;1\/gees
\nmerit. Therefore, the same   V
\nAccordingly, We reject the ‘  ‘t  ‘ I V<\/p>\n
  K  dge<\/p>\n
ex\/\u00bb<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court H S Vishwanth vs The Managing Director on 16 April, 2008 Author: V.Gopalagowda & Swamy IN THE I-IIGH COURT OF KARNATAKA. AT BANGAIQRE DATED THIS mm mm my or APRIL 200%: PRESENT ‘HIE HON’BI.E mz.JUs’rIcE A ” THE Hoz~:*3LE REVIEW m’:f;’rx\u00a2)Ar_;,_;_$r;;_(>;\u00a7_1k1%8%z2\u00a2o6eV% REVIEW PE\ufb01:*i%N REVIEW 1rr:*rz%r1g:2:%k:;b.I1\u00ab181g_9_Qg_ % BE’I’WEEN: M ‘V V’ A’ E […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-106556","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nH S Vishwanth vs The Managing Director on 16 April, 2008 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/h-s-vishwanth-vs-the-managing-director-on-16-april-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"H S Vishwanth vs The Managing Director on 16 April, 2008 - 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