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K.C.SHARMA, P.D.MISHRA
Phalak Fun and Fame Industries (M/s) Ujjain – Appellant
Versus
Joint Registrar – Respondent
Sharma, J. --1. First Appeal U/S 78 has been preferred by the appellants against an order of Joint Registrar Cooperative Societies, Ujjain passed U/S 84-A on 31.5.2006 in Case No. 548/04-05.
2. According to the brief facts of the case, the appellant No. 1 is the borrower of respondent No.2 Bank. The repayment of cash credit sanctioned to the appellant was guaranteed by appellants No.2 and 3. As the loan amount was not repaid and a balance of Rs. 2,83,711/- remained balance on 30.6.2004, the respondent Bank approached Joint Registrar U/S 84-A for obtaining the certificate of award from him. Joint Registrar accordingly through the impugned order has directed the respondent Bank to go for recovery from the movable and immovable properties of the appellants for the an10unt claimed. This appeal has been filed against this order.
3. Learned counsel Shri Meharban Khan appearing for the appellants has mainly disputed the calculation of interest on the amount outstanding. According to him, the interest has been capitalized by the respondent Bank whereas as per law laid down by Hon 'ble apex Court in Central Bank of India v. Ravindra and others, 2001 (II) MPJR 392, the interest c
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