Pranab Kumar Chattopadhyay, J. - (1.) The petitioners herein challenged the validity and/or legality of the huge amount of interest claimed by the bank for delayed payment of the bridge loan on account of delay in disbursement of the central subsidy. Admittedly, central investment subsidy to the extent of Rs. 23.75 lacs was sanctioned by the State Level Committee at its 59th meeting held on 30th December, 1987.
(2.) Although the said subsidy was sanctioned on 30th December, 1987 but there had been some delay in making the actual disbursement of the sanctioned amount available to the petitioner company. Because of the delay in disbursement of the aforesaid sanctioned amount the petitioner company took the loan from the respondent bank to facilitate the progress of the project which was undertaken by the petitioner company.
(3.) The West Bengal Financial Corporation by the written communication to the bank undertook to repay the said bridge loan to the bank although undertaking was limited to the extent of Rs. 23.75 lacs (maximum). Admittedly, the respondent bank sanctioned the bridge loan of Rs. 23.75 lacs to the petitioner company on 8th March, 1988. The respondent West Bengal Financial Corporation ultimately on 23rd February, 1990 forwarded a cheque to the respondent bank for the aforesaid amount of Rs. 23.75 lacs being the subsidy amount of the petitioner company.;