S SURENDRAN Vs. CATHOLIC SYRIAN BANK LTD

JUDGEMENT

(1.) THE Catholic Syrian Bank, respondent in this appeal filed an application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions (RDDB & FI) Act, 1993, for recovery of a sum of Rs. 16,94,648/- with interest at the rate of 23.25 per cent. THE defendant filed reply statement denying the suit claim. THE matter was heard by the learned Presiding Officer (PO), Debts Recovery Tribunal (DRT), Ernakulam and the application was allowed directing to pay by the appellant-defendant a sum of Rs. 17,31,398/- with future interest at the rate of 21.25 per cent per annum simple interest, less amount if any paid, from the date of Original Application till realisation and also charge over the schedule properties in the application. Aggrieved against that order passed by the learned Presiding Officer, DRT, Ernakulam, on the award of rate of interest, the appellant-defendant has come forward with this appeal.

(2.) In this appeal the appellant contends that the award of interest at 21.25 per cent is not proper and the simple interest at 6 per cent ought to have been awarded by the learned Presiding Officer, from the date of original application till the date of realisation. The Counsel for the appellant further contends that the original application is also barred by limitation.

(3.) THE Counsel for the respondent Bank submitted that the appellant revived the loan amount in the year 1995 and the revival letter was executed on 16.5.1995 and the appeal being filed in the year 1997, it is not barred by limitation.