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of <h1>Court adjusts mortgage amount due in bank's favor, orders 6% interest rate on appeal. Indian Companies Act preliminary objection rejected.</h1> <h3>Punjab and Kashmir Bank, Ltd. Versus Mst. Damodri</h3> The court ruled in favor of the bank in a mortgage recovery case where the amount due was miscalculated. The court allowed the appeal, adjusting the ... Winding up - Appeals from orders Issues: Calculation of amount due based on mortgage, arbitration process, appealability of the decree, calculation of interest, modification of the decree.Analysis:The case involved a mortgage agreement where a property was mortgaged for a specified amount with interest. The mortgagees transferred their rights to a bank, which later filed a suit for recovery. The parties agreed to arbitration, and the arbitrator issued an award determining the amount due to the bank based on the mortgage. The court entered judgment in favor of the bank as per the award, setting a deadline for payment by the defendant. The bank appealed, claiming a miscalculation in the amount due and requesting future interest. The respondent raised a preliminary objection regarding the appeal's competency, citing the Indian Companies Act. However, the court rejected this objection, stating that the arbitration was court-referred, not under the Indian Arbitration Act, making the decree appealable.Regarding the merits of the appeal, the respondent acknowledged a miscalculation in the amount due. The court agreed that interest should have been calculated until the payment deadline and adjusted the amount due accordingly. Future interest was also considered, with the court deciding on a rate of 6% per annum. The court accepted the appeal, modifying the lower court's decree to reflect the corrected amount due and including a provision for future interest. Additionally, the court ordered the respondent to bear the costs of the appeal.In conclusion, the court addressed the issues of calculation of the mortgage amount, appealability of the decree, adjustment of the amount due, and the inclusion of future interest. The judgment clarified the calculation errors, allowed future interest at a specified rate, and upheld the appeal, modifying the decree accordingly.
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