R. MAHADEVAN, J.

This appeal is filed against the order passed by this Court on 11.03.2009 in A.Nos.318 of 2007 in I.P.Nos.134 and 77 of 2002, along with the other applications of the first respondent bank, allowing the claim of the bank to the extent of Rs.3,19,23,571.05 out of Rs.3,79,11,492.64, in respect of the sale of the appellant's property by way of public auction.

2. The facts leading to the filing of this appeal, are as follows:

(i) The appellant was declared as insolvent in two matters. The total claim arrived at by the bank was Rs.3,79,11,492.64. The interest rate claimed by the bank was based on the contractual agreement entered into between the bank and the insolvent. The amount claimed by the bank also includes law charges, paper publication charges and charges towards possession and auction. However, the Official Assignee while adjudicating the claim, took the balance amount due from both the borrower firms as on 26.11.2002, the date of adjudication of the borrowers as insolvents. Further, on the balance due as on 26.11.2002, the Official Assigned allowed simple interest at the rate of 16% p.a., and it was charged only upto the date of the first sale, ie. 18.