AI Overview...
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Amount Deposited in Court Does Not Stop Interest - Depositing awarded amount in a court, especially in a different or non-designated court, does not automatically halt the accrual of interest on the amount. The court emphasizes that unless there is unconditional payment to the decree holder, interest continues to accrue, regardless of deposit status. P.J. Rathod, M.Sc. (Prabhubhai s/o Jadhavji Rathod) vs Union of India - Bombay
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Deposit as Security vs. Payment - Deposits made merely as security or in courts other than the executing court are not considered as full payment, and interest continues to accrue on the awarded amount. The real effect of such deposits is to keep the amount in court pending disposal, not to stop interest. DELHI DEVELOPMENT AUTHORITY VS BHAI SARDAR SINGH & SONS - Delhi
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Deposit for Stay or Pending Appeal - Depositing money in court for the purpose of stay or during appeal proceedings does not constitute a full payment, thus interest on the amount continues to accrue until actual payment is made to the decree holder. DELHI DEVELOPMENT AUTHORITY VS BHAI SARDAR SINGH & SONS - Delhi, National Insurance Co. Ltd. , Rep. By its Branch Manager, Karur VS Mallika - Madras
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Interest on Withdrawals and Deposits - When amounts are withdrawn from court deposits, parties are liable to pay interest on the amount from the date of withdrawal until payment. Conversely, parties depositing money are entitled to interest earned on the deposit until withdrawal. Associated Builders & Contractors VS Sahyadri Cooperative Group Housing Society Ltd - Delhi
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Court-Ordered Deposits and Interest - Courts have held that interest on the principal amount continues to accrue even if the amount is deposited in court, unless there is an unconditional and complete payment to the decree holder. The deposit does not automatically stop interest unless explicitly recognized as full satisfaction. Seth G. L. Bihani S. D. Sr. Secondary School VS State of Rajasthan - Rajasthan, ALIMENTA S. A. VS N. A. C. M. F. OF INDIA - Delhi
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Deposit in Securitization and Financial Acts - In cases involving financial institutions and securitization, interest continues to accrue on amounts held or deposited until full payment or settlement, with courts emphasizing that deposit alone does not constitute extinguishment of interest. J. Sekar VS Indian Overseas Bank, Assets Recovery Management Branch, Rep. by its Authorised Officer - Madras
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Insurance and Compensation Deposits - Deposits made by insurance companies or in compensation cases are also subject to interest accrual until the amount is fully paid to the claimant, unless the court directs otherwise. New India Assurance Co. Ltd. VS Periyammal - Madras, NATIONAL INSURANCE COMPANY LTD. VS RAVI BALA SHARMA - Allahabad
Analysis and Conclusion:
Depositing the awarded amount in court or in a designated account does not automatically stop interest from accruing. The key factor is whether the deposit constitutes full and unconditional payment to the decree holder. Until such payment, interest continues to accrue on the principal amount, regardless of the deposit status. Courts consistently emphasize that deposits serve as security or for stay purposes and do not substitute for actual payment, which is necessary to halt interest accumulation.
Search Results for "Amount Deposited in Court does Not Stop Accruing of Interest"
2024 Supreme(Online)(Bom) 8106 • India - IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH AT NAGPUR
ANIL L.PANSARE
is deposited in another court. ... post deposit of awarded amount in a court not designated as the executing court. ... emphasized the necessity of unconditional payment to the decree holder to stop interest accrual, regardless of whether the amount ... Thus, the interest will not stop accruing if the amount awarded to the Decree Holder is #HL_....
2011 Supreme(Online)(KER) 38916 • India - High Court of Kerala
THOMAS P.JOSEPH, J
interest from accruing. ... Fact of the Case: The petitioners challenged an order directing them to deposit a balance amount with interest, claiming ... Finding of the Court: The court found that the previous deposit was made merely as security and did not stop the accrual ... Learned Government Pleader submitted that in the statement filed by petitioners it was pointed out that the sum of `2,67,964/- was deposited in the execut....
2009 0 Supreme(Del) 297 • India - Delhi
MUKUL MUDGAL, VIPIN SANGHI
a deposit made in the executing court - Deposit as a condition for grant of stay for execution of the decree does not stop interest ... in a Court, other than an executing Court can never amount to "payment" - Real effect of deposit of money in court is to put the ... money beyond the reach of the parties pending the disposal of the appeal - Amount lying in deposit in the disposed appeal is not ... further #HL_STAR....
2018 0 Supreme(Mad) 1017 • India - Madras
S.RAMATHILAGAM
of petition till the date of deposit and costs as ordered by the Tribunal, less the amount, if any, already deposited, to the credit ... The appellant/Insurance Company is directed to deposit 50% of the award amount along with interest at 7.5% per annum from the date ... accruing thereon once in three months for utilising the same for the welfare of the minors. ... The appellant/Insurance Company is directed to deposit 50% of the award amount along with interest at 7.....
2011 0 Supreme(Del) 945 • India - Delhi
VIPIN SANGHI
party withdrawing the amount the amount is liable to pay interest @ 9 % from the date of withdrawal till its payment. ... against bank guarantee – The party depositing the amount is entitled to interest earned on the deposit till its withdrawal – The ... Arbitration and Conciliation Act, 1996 - Section 9 – Deposit of amount under the direction of the court ... would not prevent the accruing of interest in favour of....
2013 0 Supreme(Raj) 429 • India - Rajasthan
GOVIND MATHUR
Rules, 1993, Rule 34 — Payment of arrears accruing to the employees as a consequent to fixation of their pay in the revised pay scales ... directed to sanction and award aid to the non-governmental educational institutions to make payment of arrears to their employees accuring ... ... (2) Every recognized institution shall constitute a provident fund for the benefit of its employees in such manner and subject to such conditions as may be prescribed and contribute to such fund and pay interest on the deposited ....
2018 0 Supreme(Del) 2925 • India - Delhi
YOGESH KHANNA
The court also scheduled a further hearing for the adjustment of the amounts deposited by the judgment debtor. ... Finding of the Court: The court held that interest shall be payable on the consolidated amount of the principal plus ... the conversion rate, and c) the adjustment of the amounts deposited by the judgment debtor. ... In view of this clear position in law, the court has to hold that the entire #HL_ST....
2019 0 Supreme(Mad) 2375 • India - Madras
PUSHPA SATHYANARAYANA
Financial Institutions Act, 1993 - Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest ... at the commercial rate of interest towards the sale consideration held by them of sale certificate till the date of giving vacant ... asked for damages for use and occupation by the fifth and sixth defendants - However relief against the first defendant to pay interest ... On 06.08.2007, the Hon’ble Supreme Court passed once again a conditional order directing the third defendant, who was th....
2014 0 Supreme(Mad) 717 • India - Madras
S.MANIKUMAR
the insurance company to deposit the entire award amount to the credit of respective MCOP Nos.1524, 1525 and 1526 of 2009. ... The court also highlighted that the absence of a valid driving license alone would not be a contributing factor to hold the deceased ... The court confirmed the findings of the Claims Tribunal and dismissed the Civil Miscellaneous Appeals. ... The appellant/insurance company is directed to deposit the entire award amount, with proportionate accrued interest, le....
2010 0 Supreme(All) 4177 • India - Allahabad
S.P.MEHROTRA, S.S.TIWARI
Company's interest has been protected by direction for recovery of amount paid by it to claimant from owner of Matador, in proceedings ... amount between claimants. ... to its wrong side and was being driven in rash, negligent and excessive speed—Direction of Tribunal to Insurance Company to pay amount ... The amount of Rs.25,000/- deposited by the Appellant-Insurance Company while filing the present appeal, will be remitted to the Tribunal for being adjusted towards the amou....
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