lAKSHMI VILAS BANK vs M/s Vasavi Srinivasa Tobacco on 12 May 2022

ORDER

The Petitioner Shri Kothuru Balakrishna and another has filed this Mislleneous Application case against Lakshmi Vilas Bank ( now The Development Bank of Singapore Limited) Represented by its Branch Manager, Guntur and prayed that to order to amend para 9 of the order dated 11.06.2008 in OA by replacing the words "with quarterly rests" by the words with " per annum". The OP has submitted counter on above MA and submitted that there are no grounds to amend the order of this Tribunal. There is no error apparent on the face of the record to amend the orders. The above amendment petition is ill conceived and mischievous. The application is barred by limitation.

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2. After perusal of the record it reveals that this petitioner had filed IR No. 7153/2017 in OA No. 507/2002 on 25.09.2017 which was rejected by this Tribunal on the account that this MA was filed after 09 years which is not at all comes in the principles of natural justice. This petitioner has filed a letter of Guarantee dt. 11.12.1985 and para 1 of this order is as follows "1. MY/OUR liability to the Bank hereunder shall be that a Principal Debtor and at the Bank's option, the bank may treat me/us a primarily liable for the debt of thé principle or the balance from time to time due in respect thereof provided always that the amount for which I shall be liable under this Guarantee shall not exceed Rs. 6,40,000/- and interest on such amount on such less sum as may be due at the rate of 17.5% p.a from the date of the Principals default until payment. Ay variation in the rate of interest from time to time will be binding on me/us." The Hon'ble Presiding Officer of this Tribunal in 0.A.No. 507/2002 has passed the following order "In the result the 0A is allowed with costs for recovery of an amount of Rs, 11,60,732/ together with interest @ 1785% with quarterly rests from the date of suit til the date of realization jointly and severally from the defendants and by sale of schedule mentioned properties." It is true that in OA No. 507/2002 order is passed on 11.06.2008 long-long ago back. "In the case of Mrs.B.Rajarajeshwari Vs. The Presiding Officer, the Hon'ble Apex Court at para 26 has been laid down the principles that this Court deems it fit to consider Section 152 of the Civil Procedure Code, deals with amendment of judgments, decrees or orders and it states that clerical or arithmetical mistakes in judgments, decrees or orders or errors, arising therein from any accidental slip or omission may at any time be corrected by the Court, either of its own motion on the application of any of the parties. The Tribunal is conferred with the powers of the Civil Court to correct clerical or arithmetical mistake, in the certificate issued. Sections 26 and 27 of Recovery of Debts Due to Bank and Financial Institutions Act, 1993, also provides for withdrawal or cancellation of the Recovery Certificate, as the case may be.

As per para 29 of the Judgment the Presiding Officer shall have power to withdraw the certificate or correct any clerical or arithmetical mistake, in the certificate by sending an intimation to the Recovery Officer. On the basis of the above discussion I find that this Tribunal has sufficient power to correct the accidental or clerical or arithmetic mistake and in the certificate by sending an intimation to the Recovery Officer.

3. After perusal of the record it is clear that in the letter of agreement at the rate of interest at 17.5% p.a from the date of the Principals default until payment is prescribed but the Ld. Presiding Officer in order and in the certificate has mentioned with interest at the rate of interest at 17.5% with quarterly rest from the date of application till the realization, to be recovered from the defendants jointly and severally and/or otherwise by sale of schedule properties as mentioned in OA. Accordingly I order to amend the order dt. 11.06.2008 passed in OA No. 507/2002 on the place "interest at rate of interest @17.85% with quarterly rests from the date of suit till the date of realization". The word read "with interest 17.54% p.a from the date of Principals default until payment" Accordingly I allow this MA and also order to amend the certificate issued by this Tribunal and I also order to send MA copy order to the Recovery Officer for information and needful. [Typed to the dictation, corrected and pronOunced by me in the open court on this 12h May, 2022] PRESIDING OFFICER DEBTS RECOVERY TRIBUNAL VISAKHAPATNAM