JUDGMENT

( 1 ) INTERLOCUTORY Application No. 3 of 2008 has been filed in Civil Appeal No. 1528 of 2005, which had been disposed of on 13th March, 2008 with certain directions.

( 2 ) THE Custodian under the Special Courts (Trial of Offences Relating to Transactions in securities) Act, 1992, took out Miscellaneous petition No. 43 of 1995 on behalf of the notified party, Bhupen Dalai for recovery of rs. 1,421,65,000/-, with interest, from M/s. Neeldeep Investment Company Private limited. The said petition was allowed and a decree was passed by a Special Court by its order dated 8th June, 1995. Thereafter, for the execution of the said decree, miscellaneous Application No. 470 of 1999 was taken out by the Custodian and on that application on 24th November, 1999, the court passed an interim order restraining the judgment Debtor and its Directors from in any manner dealing with, disposing of, transferring or alienating or encumbering any of their properties.

( 3 ) NOTICE was also issued by the Court to the garnishees who appeared and filed their respective affidavits. In their affidavits, the defence taken was that though they owed various amounts to the Judgment debtor, subsequently shares of different companies were accepted by the Judgment debtor towards repayment of the loans. The Court also referred to the various affidavits filed on behalf of the garnishees and observed that the transactions mentioned by them appeared to be fictitious and had been mentioned only to mislead the court. Accordingly, a show-cause notice was directed to be issued to the noticee to show-cause as to why he should not be tried and punished for having committed criminal contempt of Court.

( 4 ) PURSUANT to the order dated 19th september, 2003, a show cause notice was issued to the applicant herein for alleged disobedience of the order dated 24th november, 1999. Upon hearing the matter extensively, the Special Court came to the conclusion that the noticee/applicant herein had committed criminal contempt of court and sentenced him to undergo simple imprisonment for a period of three months and also directed him to pay a fine of rs. 2,000/ -. The said order was suspended for a period of 12 weeks, within which period the applicant filed Civil Appeal No. 1528 of 2005.

( 5 ) IN the appeal a suggestion was mooted on behalf of the appellant/applicant that he would pay the amount of Rs. 1,26,25,000/-, being the balance decretal amount of Rs. 1,42,00,000/- in three installments, of which the first instalment would be paid on 3rd April, 2006, the second on 10th July, 2006 and the third by 4th December, 2006. Accordingly, the appeal was adjourned and it was indicated that in the event all the installments were paid, the appeal would stand allowed and the order of the High Court would stand set aside and the garnishee notices would be discharged. It was also indicated that in default of payment of any one instalment or any portion thereof, the appeal would stand dismissed and the impugned order of the High Court would become operative.

( 6 ) WHEN the matter was again listed for hearing on 14th November, 2007, it was submitted on behalf of the Custodian that there was an error in the decretal amount mentioned, which went unnoticed when the decree was passed and subsequently an application for modification of the Order passed in the Appeal of 20th January, 2006 was filed by the Custodian. The said matter was heard at length and ultimately by Order dated 13th March, 2008, the decretal amount was corrected to read Rs. 1,59,04,500/-, together with interest, as decreed by the special Court upon credit having been given for Rs. 15,75,000/- which had already been recovered by the Custodian. In view of the amendment of the decretal amount, the applicant was directed to pay the balance of the decretal amount within 30th June, 2008 in three equal installments commencing from the month of April, 2008. The hearing of the garnishree notices before the Special Court, mumbai, was di