AI Structured Summary
Not yet generated for this judgment
Judgment
This MA has been filed seeking restoration of the execution application no. 57 of 2023 which had been disposed of vide order dated 07.08.2023 since the judgment debtor had undertaken to pay the decretal amount by way of 12 equal instalments by way of RTGS with liberty to the decree holder to approach this Commission in case of difficulty. Counsel for the decree holder submits that while the first instalment had been paid, no instalments had been paid thereafter and therefore, the restoration of the EA was being sought.
Counsel appearing on behalf of the judgment debtor submits that the matter was before the NCLT from 31.08.2023 till 01.02.2024 and therefore, there had been some difficulty in complying with the undertaking. He offered to hand over the PDCs dated 10 and 20th July 2024 for Rs.7.50 lakh each and to pay the balance amount through similar cheques subsequently. Counsel for the decree holder who also appeared virtually submitted that this amount and subsequent instalments be paid by way of RTGS, the details of which had already been made available but would also be provided again. Counsel for the judgment debtor agreed that the payments will be made by way of RTGS on the dates indicated on the PDC that were proposed to be handed over today and thereafter on a monthly basis. He also undertakes that the amount along with the applicable rate of interest (12%) shall be paid as per the decree.
In view of the foregoing the MA is allowed and the execution application is restored to its original number.
List the matter on 31st July 2024 for monitoring compliance.