BANK OF BARODA Vs. BHARAT AGENCIES

JUDGEMENT

(1.) THE solitary point standing for the judicial determination of this Tribunal has factually arisen on Monday, March 24, 2004 when this Tribunal has received one application from the defendant Nos. 1 and 3 giving rise to the point. THE point may be stated in the following words:

(2.) For the reason of assigning the judicial importance to the application of the defendants, this Tribunal has taken note of the following features of the said application:

(3.) THE paragraph has also two characteristic features, viz. (i) the defendants are admitting as well as accepting the total outstanding loan amount as on February 18, 2002 to the extent of Rs. 23,41,257.84 p. THE said sum also includes, according to the author of the said letter, the interest calculated upto February 18, 2002; and the interest amount has been a sum of Rs. 11,54,862.51 p. True to say, the above total outstanding amount which has been clearly accepted by the defendants in that letter (particularly at paragraph No. 7) has been found in tallying with a sum of Rs. 23,41,257.84 p, as claimed by the applicant Bank in its Statement of Accounts (page 282); (ii) the second feature of the said paragraph is a request for the abandonment of the interest amount i.e. Rs. 11,54,862.51p. THE defendants have made such request in a piteous tone to the applicant Bank. For such purpose, the words of the defendants are being further quoted hereinbelow: