2018 (1) TMI 1638

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....ndoning the delay that has occurred on the part of the Appellants in making payment of an agreed amount as per settlement reached by and between the parties in a Lok Adalat. The Original Application before the Debt Recovery Tribunal ("DRT") by the Bank was filed seeking recovery of an amount of Rs. 62,96,582.68 (Rupees sixty two lakhs ninety six thousand five hundred eighty two and paise sixty eight only) being the unpaid dues along with interest as on the date of filing of the O.A. Interest at 19.8 % p.a. with quarterly rests from date of filing of the O.A. till date of payment was also prayed for. The total financial accommodation made available to the Bank was to the extent of Rs. 23 lakhs. 2. In the Lok Adalat held on 10.09.2004 the ....

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....ursuant to the aforesaid Order dated 7.12.2017, has made an offer of an additional payment of Rs. 10 lakhs by offering a compensation of Rs. 3,000/- per day (approx.) for the delay of 320 days that had occurred in making the payment as per the terms of the settlement reached in the Lok Adalat. 6. The Respondent-Bank has not come up with any concrete offer and has placed before the Court an extract of the statement of account of the Appellants as on date which goes to show that the total dues as per the Bank's statement of account is Rs. 8,17,65,148/- (Rupees eight crore seventeen lakhs sixty five thousand one hundred forty eight only). 7. We have considered the matter. There was undoubtedly some delay in payment of the amount due ....