{"id":131262,"date":"2010-09-01T00:00:00","date_gmt":"2010-08-31T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-laxman-wire-industries-ltd-vs-central-bank-of-india-amp-anr-on-1-september-2010"},"modified":"2018-01-22T16:57:49","modified_gmt":"2018-01-22T11:27:49","slug":"ms-laxman-wire-industries-ltd-vs-central-bank-of-india-amp-anr-on-1-september-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-laxman-wire-industries-ltd-vs-central-bank-of-india-amp-anr-on-1-september-2010","title":{"rendered":"M\/S Laxman Wire Industries Ltd vs Central Bank Of India &Amp; Anr on 1 September, 2010"},"content":{"rendered":"
Patna High Court – Orders<\/div>\n
M\/S Laxman Wire Industries Ltd vs Central Bank Of India &Amp; Anr on 1 September, 2010<\/div>\n
            IN THE HIGH COURT OF JUDICATURE AT PATNA\n                        CWJC No.14009 of 2010\n                 M\/S LAXMAN WIRE INDUSTRIES LTD\n                               Versus\n                   CENTRAL BANK OF INDIA & ANR\n                              -----------\n<\/pre>\n
3.   01.9.2010           The petitioner seeks quashing of the order dated<\/p>\n
                     31.5.2010 passed by respondent No.2, the Presiding<\/p>\n
                     Officer, Debt Recovery Tribunal, Patna, by which he has<\/p>\n
                     allowed the Appeal No. 10 of 2009 filed by the respondent<\/p>\n
                     Central Bank of India and set aside the order dated<\/p>\n
                     13.3.2000 passed by the Recovery Officer.<\/p>\n
                           Learned counsel for the petitioner submits that by<\/p>\n
                     order dated 13.3.2000 the Recovery Officer had held that<\/p>\n
                     in terms of the certificate issued allowing interest at the<\/p>\n
                     rate of 12% per annum the same amounted to the allowing<\/p>\n
                     of simple interest and not compound interest. It is urged by<\/p>\n
                     learned counsel that the said order was not challenged by<\/p>\n
                     the Bank for almost nine years until filing of Appeal No.<\/p>\n
                     10 of 2009 which was hopelessly barred by limitation. The<\/p>\n
                     matter has been considered by the D.R.T. and it has been<\/p>\n
                     ultimately held that the pendentelite and future interest is<\/p>\n
                     to be calculated at the rate of 12% per annum with annual<\/p>\n
                     rest till its realization.\n<\/p>\n
                  2<\/span><\/p>\n
      It is also pointed out by learned counsels for the<\/p>\n
parties that there have been several rounds of litigation in<\/p>\n
the matter and subsequent to the order of the D.R.T. the<\/p>\n
parties had agreed to take the matter to the Lok Adalat,<\/p>\n
which had disposed of the same by order dated<\/p>\n
27.12.2005. The said order has been challenged by the<\/p>\n
respondent Central Bank in C.W.J.C.No.2587 of 2007. It<\/p>\n
is   stated   that   the   petitioner   also   earlier   filed<\/p>\n
C.W.J.C.No.14722 of 2008 challenging the proclamation<\/p>\n
of sale made by the Recovery Officer of the D.R.T., Patna.<\/p>\n
The same was ultimately dismissed and the L.P.A. against<\/p>\n
the same was also dismissed as withdrawn after some<\/p>\n
arguments on the prayer of learned counsel for the<\/p>\n
appellant-petitioner so that he may approach the<\/p>\n
appropriate forum. Civil Review No. 336 of 2009 filed<\/p>\n
subsequently was also dismissed as not pressed with the<\/p>\n
observation that the dismissal of the review application<\/p>\n
will not come in the way of the petitioner to raise all such<\/p>\n
facts which may be required in adjudication of<\/p>\n
C.W.J.C.No.2587 of 2007 filed on behalf of the Central<\/p>\n
Bank of India.\n<\/p>\n
                           3<\/span><\/p>\n
                In the aforesaid facts and circumstances, this Court is<\/p>\n
        of the view that the present matter should also be heard<\/p>\n
        and disposed of along with C.W.J.C.No.2587 of 2007. It is<\/p>\n
        so directed.\n<\/p>\n
                Learned counsel for the Central Bank states that in<\/p>\n
        the said case notices have been issued and there is<\/p>\n
        direction for listing the matter after service of notice.<\/p>\n
        Learned counsel for the petitioner states that he will be<\/p>\n
        filing appearance on behalf of the petitioner herein in that<\/p>\n
        case within one week from today.\n<\/p>\n
                Put up this matter along with C.W.J.C.No.2587 of<\/p>\n
        2007 among ‘0’ cases in the main list on 15th September,<\/p>\n
        2010.\n<\/p>\n
                In the meantime, the recovery proceeding in RP Case<\/p>\n
        No.79\/99 against the petitioner shall remain stayed.<\/p>\n
                                   (Ramesh Kumar Datta,J.)<\/p>\n
Spal\/\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Patna High Court – Orders M\/S Laxman Wire Industries Ltd vs Central Bank Of India &Amp; Anr on 1 September, 2010 IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.14009 of 2010 M\/S LAXMAN WIRE INDUSTRIES LTD Versus CENTRAL BANK OF INDIA & ANR ———– 3. 01.9.2010 The petitioner seeks quashing of the order […]<\/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":[8,27],"tags":[],"class_list":["post-131262","post","type-post","status-publish","format-standard","hentry","category-high-court","category-patna-high-court-orders"],"yoast_head":"\nM\/S Laxman Wire Industries Ltd vs Central Bank Of India &Amp; Anr on 1 September, 2010 - 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\/ms-laxman-wire-industries-ltd-vs-central-bank-of-india-amp-anr-on-1-september-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"M\/S Laxman Wire Industries Ltd vs Central Bank Of India &Amp; 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