Sarva Haryana Gramin Bank v. Jeet Singh And Others

CWP-8648-2019 -1IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP No. 8648 of 2019 Date of decision : 04.02.2020 Sarva Haryana Gramin Bank .... Petitioner

Versus

Jeet Singh and others ..... Respondents CORAM :- HON'BLE MR. JUSTICE RAJIV SHARMA HON'BLE MR. JUSTICE HARINDER SINGH SIDHU

Present:

Mr. Mukesh Gupta, Advocate, for the petitioner.

Mr. Rakesh Dhiman, Advocate, for respondents No.1 and 2.

* * * RAJIV SHARMA, J.

Learned counsel for the petitioner does not dispute that respondents No.1 and 2 are marginal farmers. The adjudicating authority has awarded interest at the rate of 6% per annum. The case of the petitioner is that the agreed rate of interest was 13.25% per annum. Learned counsel for respondents No.1 and 2 has drawn the attention of this Court to clause No.4 of the Hypothecation Agreement dated 14.07.2009 (Annexure P-2), wherein the relevant column of the rate of interest in vernacular is blank. However, it is agreed between the parties that the rate of interest can be settled at 9% per annum. Consequently, the petition is disposed of. Respondents No.1 NAROTAM DASS 2020.02.06 17:57 I attest to the accuracy and integrity of this document PHHC CHANDIGARH

CWP-8648-2019 -2and 2 herein are directed to deposit the outstanding amount with interest at the rate of 9% per annum from the due date within a period of three months from today. The order dated 26.03.2018 (Annexure P-6) passed by the adjudicating authority shall stand modified only to this extent that instead of 6% per annum, the rate of interest shall be 9% per annum. The amount already paid by respondents No.1 and 2 shall be adjusted. ( RAJIV SHARMA ) JUDGE February 04, 2020 ( HARINDER SINGH SIDHU ) ndj JUDGE Whether speaking/reasoned Yes/No Whether Reportable Yes/No NAROTAM DASS 2020.02.06 17:57 I attest to the accuracy and integrity of this document PHHC CHANDIGARH