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Judgment
Reva Khetrapal, J.
CM No. 21822/2010 (exemption from filing paper-book)
Exemption granted subject to all just exceptions.
The application stands disposed of.
RFA 740/2002 and CM No. 1808/2002 (stay)
In this case, notice limited as to why award of interest as awarded by the trial court be not set aside was issued on 18.11.2002 by the Division Bench subject to the Appellant producing the receipt of having paid the amount of Rs. 5,00,000/- (Rupees Five Lacs only) to the Respondents.
A perusal of the impugned judgment shows that the suit from which the impugned judgment arises had been instituted on the accidental death of the Respondent''s daughter, who had fallen from the broken parapet wall of the terrace of the school, while she was playing with her friends during recess, and died at the spot, was decreed on 03.08.2002 for a sum of Rs. 5,00,000/- along with pendente lite and future interest @ 18% per annum and costs.
Since the parties are at variance with regard to rate of interest prevalent on the date of the filing of the suit for recovery of damages, notice was issued by this Court to the concerned official of UCO Bank, Delhi High Court Branch, New Delhi to clarify the position with regard to the rate of interest prevalent on 4th March, 1996 i.e., the date of the filing of the suit.
In response to the said notice, Mr. C.L. Sharma, Manager - UCO Bank, Delhi High Court Branch is present in court today and has placed on record the prevalent rate of interest on 4th March, 1996, which according to the records filed by him, varied from 10% per annum to 13% per annum according to the period of deposit made by the customer.
In view of the aforesaid, the impugned judgment is modified to the extent that the rate of interest payable by the Appellant is reduced from 18% per annum to 12% per annum. As set out in order dated December 16, 2002, since the Respondents have already received the sum of Rs. 5 lakhs, the Appellant shall deposit the interest amount as calculated by the Registry. The Joint Registrar (Budget and Accounts) shall calculate the same within four weeks from the date of communication of this order and the amount shall be deposited by the Appellant not later than four weeks thereafter. List before the Joint Registrar on 25th July, 2011 for ensuring compliance.
RFA 740/2002 and CM No. 1808/2002 stand disposed of accordingly.