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SANJAY DWIVEDI
Ashok Lalwani – Appellant
Versus
State Bank of India – Respondent
ORDER
1. At the joint request of parties, the matter is finally heard.
2. By the instant petition filed under Article 227 of the Constitution of India, the petitioner is assailing the validity of order dated 7.1.2023 whereby the Executing Court rejected the application in which the petitioner/decree holder has claimed future interest over the amount unpaid to him and also not paid in time as specified by the High Court and, therefore, the respondent/Bank is not inclined to give interest for the period more than the period of six months from the date of order.
3. Shri Lalwani has submitted that the Executing Court restrained him to withdraw the amount of interest deposited by the respondent/Bank in pursuance of the order dated 6.12.2018 passed in Review Petition No.1596 of 2018 whereby the order passed by the High Court in M.P. No.1873 of 2017 vacating the interim order granted by the First Appellate Court on 15.5.2017 exercising the power provided under Order 41 Rule 5 of the Code of Civil Procedure and permitting the petitioner to withdraw the amount deposited by the respondent/Bank subject to furnishing a surety before withdrawing the amount, has been stayed.
4. However, in review pe
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....
The court affirmed that the discretion to award interest must consider equitable principles and prevailing market rates.
The withdrawal of a petition under Article 227 of the Constitution of India does not affect the final decree, and the court may allow parties to explore the possibility of an amicable settlement.
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The validity of a final decree is upheld when a challenge to it is withdrawn, confirming the liabilities established by previous orders.
The Court can only exercise its power to review when there is an error apparent on the face of the record, and a review petition has a limited purpose and cannot be allowed to be an appeal in disguis....
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