ORDER

1. One of the contentions which arises for consideration is whether thecontractual rate of interest should have been awarded in the instant case. Mr K.N. Raval contends that the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 has an overriding effect and according to Section 19(20) discretion is given to the Tribunal to award interest and the Tribunal is in no way bound to comply with or apply the provisions of Section 34 of the Code of Civil Procedure. He further states, in the alternative, that if Section34 applies, then by virtue of the proviso to Section 34( 1) CPC, this being a commercial transaction, the rate of interest can exceed 6 per cent per annum but shall not exceed the contractual rate of interest.

2. Our attention has been invited to a Constitution Bench decision in Central Bank of India v. Ravindra. The Court in that case was concerned with Section 34 CPC. At SCC p. 396 (in para 41), it, inter alia, observed thatthe "interest pendente lite and future interest (i.e. interest post -decree not exceeding 6 per cent per annum) shall be awarded on such principal sum". This SCCms to indicate that interest pendente lite and post-decree cannot be aw