Back
SANJAY DWIVEDI
Ashok Lalwani – Appellant
Versus
State Bank of India – Respondent
ORDER
1. Since pleadings are complete, therefore, with the consent of both the parties, the matter is heard finally.
2. By the instant petition filed under Article 227 of the Constitution of India, the petitioner is not only assailing the validity of order dated 17.5.2019 but also claiming that the order dated 6.12.2018 be declared to be bad in law.
3. Shri Lalwani has submitted that the Executing Court by impugned order dated 6.12.2018 had withheld the amount suo motu which has been deposited by the Judgment Debtor in pursuance of the decree dated 11.12.2015. He has submitted that as per the decree dated 11.12.2015, the Judgment Debtor was directed to deposit the amount of rent from 1.8.2007 to 31.3.2010 @ Rs.7302/- per month and from 1.4.2010 till the date of filing of suit i.e. 7.3.2013 @ Rs.14960/- per month and the said amount was directed to be deposited within a period of 60 days for which interest @12% was inflicted upon the said amount of arrears.
4. The dispute in this case is that the amount was not deposited by the Judgment Debtor within the given period of 60 days but it got deposited only on 11.10.2018 including the interest @12% as per the decree dated 11.12.2015.
5. Howe
Interest on decreed amounts will not cease upon deposit in a court other than the executing court; actual payment to the decree holder is required to stop interest accrual.
The main legal point established in the judgment is that interest ceases to run on the amount paid to the decree holder upon withdrawal, and the judgment debtor is not liable to pay interest on the a....
Interest ceased to run on the deposited amount after the dismissal of FAO No. 284/2005 on 04.12.2008.
Restitution principles require balancing the detriment suffered by one party against the benefits gained by the other, particularly in awarding interest on deposits subject to withdrawal conditions.
The calculation of interest on a decretal amount must adhere strictly to the decree's terms, with no curtailment to earlier dates unless explicitly stated.
Payment recognized under decree requires unconditional compliance; bank guarantees do not suffice, and interest continues until funds are available to the decree holder.
Interest is payable only on the principal sum and not on the interest part of the award, unless specifically provided by statute or contract.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
