DR. S. MURALIDHAR, J.

These appeals are directed against the common judgment and order dated 17th July 2006 passed by the learned Single Judge of this Court, dismissing the appellant's Execution Applications (E.A.) Nos. 296 of 2005 and 324 of 2005 in Execution Petition No. 13 of 2004.

The facts are that by an inter-corporate agreement dated 19th September 2002 the appellant No. 1 Morpen Laboratories Limited (MLL) availed from the Respondent Morgan Securities and Credits Pvt. Limited (MSCPL) financial facilities in the form an inter-corporate deposit (ICD) of Rs. 5 crores for its business operations. The ICD was for a period of 120 days up to 17th January, 2003 and carried interest at 21 per cent per annum payable in advance with quarterly rests. In case of delay or default in making payment of principal amount or any part thereof, interest at 36 per cent per annum with monthly rests was payable by MLL from the date of default till the date of repayment of the deposit along with interest/overdue interest in full. Clause 5 of the Agreement which provides for interest reads as under :

"5. The normal agreed rate of interest for placement of the ICD is 36% p.a., however as a sp