2013 (1) TMI 1035

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....ri A. P. Srivastava, learned counsel appears on behalf of respondent nos. 2 and 3. Learned Standing Counsel appears on behalf of respondent no.1. The petitioner's case in the writ petition is that that the petitioner accepts the liability of all the defaulted instalments along with 18% interest which are unpaid. He further submits that the penal interest can be charged only once for one peri....

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.... of penal action. Penal interest can be charged only once for one period of default and therefore cannot be permitted to be capitalised. He submits that according to the calculation of the petitioner the amount due against the petitioner is ₹ 15,28,94,136/- as on today and the amount already deposited by the petitioner shall be adjusted and be deducted. He submits that the petitioner may be....