BANK OF RAJASTHAN LTD Vs. GSL PRODUCTS LTD

JUDGEMENT

(1.) THIS appeal is filed by the appellants/ original applicant Bank i.e. Bank of Rajasthan Ltd. being aggrieved by the judgment and Order dated 2.7.2002 passed by the learned Presiding Officer of Debts Recovery Tribunal-II, Mumbai in Original Application No. 607/2001 (DRT, Jaipur O.A. No. 388/2000). By the impugned judgment and order, the learned Presiding Officer allowed the application of the Bank against defendant Nos. 1 and 3 to 6 with costs and did order that the defendant Nos. 1 and 3 to 6 do jointly and severally pay to the applicant Bank an amount of Rs. 4,08,78,198.59 with interest at the rate of 17.5% per annum from the date of filing of the original application in DRT, Jaipur till full realization. He also gave consequential declarations and directed issuance of recovery certificate as per the above terms. However, the appellants are aggrieved as the learned Presiding Officer did not grant any penal interest to the applicant Bank and also did not award compounded interest but granted only simple interest at the rate of 17.5% per annum. Thus, the appeal of the applicant Bank is limited to these points only i.e. denial of penal interest and denial of compounded interest.