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THE GAUHATI HIGH COURT (HIGH COURT OF ASSAM, NAGALAND, MIZORAM AND ARUNACHAL PRADESH)
KALYAN RAI SURANA, SOUMITRA SAIKIA
Surajit Barman S/o- Dharmeswar Barman – Appellant
Versus
Punjab National Bank, New Delhi – Respondent
| Table of Content |
|---|
| 1. factual background and procedural history of the dispute. (Para 1 , 2 , 3 , 4) |
| 2. arguments regarding interest rates and contractual obligations. (Para 5 , 6 , 7) |
| 3. applicability of section 34 cpc regarding interest award. (Para 8 , 9 , 10 , 11) |
| 4. court discretion on interest and scope of review. (Para 12 , 13 , 14) |
| 5. final dismissal of the review petition. (Para 15) |
JUDGMENT :
K.R. Surana, J.
Heard Mr. S.P. Roy, learned counsel for the petitioners. Also heard Mr. S. Dutta, learned senior counsel, assisted by Ms. S. Mochahari, learned counsel for the respondents.
2) This petition for review is in respect of order dated 03.11.2022, passed by the Division Bench in W.A. No. 229/2022, by which the direction contained in judgment and order dated 23.02.2022, passed by the learned Single Judge in W.P.(C) No. 4423/ 2018, by which 18% interest was granted to the petitioners against the respondents on further delay on part of the appellants to refund a sum of Rs.1,80,10,000/- (Rupees One Crore eighty lakh ten thousand only), within 45 (forty five) days from the date of the order.
3) In brief, the case of the petitioners is that pursuant to an advertisement for auction sale of
Absent a specific contractual agreement for interest, courts exercise discretion under the civil procedure code to award equitable interest; such an order cannot be reopened in a review petition unle....
The main legal point established in the judgment is that the confirmation of sale by the secured creditor is essential, and in the absence of such confirmation, no default can be attributed to the bi....
The main legal point established in the judgment is that under Rule 9 of the Security Interest (Enforcement) Rules, 2002, the bank's confirmation of the sale to the petitioner and notice of successfu....
A Sale Certificate issued by a third party assignee in contravention of a restraint order is void ab initio and cannot be given effect to.
Rule 9(5) of the SARFAESI Act mandates forfeiture of earnest money for non-payment of the balance auction price, overriding general contract law principles.
Court upheld contractual interest of 18% from pre-suit period while awarding 9% future interest post-decree, reflecting equitable considerations of a commercial transaction.
The main legal point established in the judgment is that the court upheld the validity of the auction proceedings and the entitlement to refund of the purchase price with interest, while rejecting th....
Bank cannot forfeit auction bidder's deposit for premature sale confirmation despite DRT stay; DRT orders require reasons.
Interest on delayed payment is not a penalty but an equitable right, and should be calculated from the date of rejection of the writ petition.
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