PARRY MOULDINGS AND ORS. Vs. PUNJAB & SIND BANK
DEBTS RECOVERY APPELLATE TRIBUNAL
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Ranjit Singh, J. (Chairperson) -
(1.) THIS Appeal No. 157/2006 arising out of an order passed in O.A. No. 410/99 was disposed of by this Tribunal on 7.7.2011. Counsel for the appellants had submitted before this Tribunal that the appellants would pay the rest of the decretal amount in equal installments within 12 months. The first such installment was payable on 7.8.2011 and the remaining installments were to be paid on 7th day of each succeeding English Calendar month. On payment of the entire amount, No Dues Certificate was to be issued and the title deeds were to be returned by the Bank. This Tribunal had, further directed that in case of default of even a single installment, the Bank would be at liberty to proceed and take action against the appellants as per law. The appellants have now filed a miscellaneous case (No. 533/2013) seeking direction to the respondent Bank to release the title documents of the property. Applicants would contend that even after the deposit of the entire decretal amount, the Bank is not releasing their title documents.
(2.) THIS Tribunal issued notice to the respondent Bank. The Counsel for the Bank appeared and prayed for time to file reply and that is how this matter is listed for arguments. The grievance of the appellants/applicants is that the Counsel for the respondent Bank had unconditionally accepted the order passed by this Tribunal on 7.7.2011 and pursuant thereto the appellants have deposited the entire amount of Rs. 72,16,863/ -. Having received this amount respondent Bank has moved a miscellaneous application before the Tribunal below, seeking amendment in the recovery certificate, claiming interest @ 18.75% p.a. with quarterly rests. This has led to the appellants filing the present application.
(3.) THE applicant -appellants would plead that the respondent Bank had never challenged the final order passed by this Tribunal nor had it sought any clarification in this regard. The appellants had deposited the entire amount and now respondent Bank is not releasing the title documents.;
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