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Judgment
Heard learned counsel for the parties.
An affidavit on behalf of judgment debtor in terms of order passed by this Tribunal on 8.11.2021 has been filed on 16.11.2021. The affidavit discloses that an amount of Rs. 43 lakh and odd is presently lying in the judgment debtor's bank account bearing no.00152320001262 maintained at HDFC Bank, Senapati Bapat Marg, Parel, Mumbai( hereinafter referred to as "said bank account"). The affidavit also discloses that due to order of attachment passed on 13.8.2021 the money lying in the said bank account cannot be withdrawn by the respondent even for many essential expenses such as EMIs for business loans, internet broadband charges, electricity charges, staff salary etc. Under such compelling circumstances, the respondent judgment debtor has calculated the entire dues payable to the petitioner including interest @ 9% p.a. upto 30.11.2021 and has undertaken to pay the entire balance sum of Rs. 15,19,558/- from the said bank account first to the decree holder's bank account number mentioned in para 5 of the affidavit and then the order of attachment may be vacated so that respondent may be able to withdraw further money from the said bank account for its pressing business needs.
Learned counsel for the petitioner submits that petitioner has since the beginning demanded interest @ 18% p.a and therefore, it is again objecting to calculation of interest till November 2021 at the said rate of interest. According to learned counsel, the rate of interest for the outstanding dues after 31.1.2020 i.e. from 1.2.2020 should be @ 18% p.a.
The aforesaid objection of the petitioner is misconceived and cannot be accepted in the light of earlier order passed on 31.1.2020 when a decree for the principle amount was passed but the claim of interest was allowed only @ 9% p.a. from the due date till 31.1.2020. The Execution Application has been entertained on the basis of interest @ 9% as granted on 31.1.2020.
By the order dated 31.1.2020, the respondent was given the facility of paying the decretal amount through six equal installments beginning from 15.2.2020.
Since the amount was not paid in installments, further action was taken against the judgment debtor and now it is willing to pay the entire decretal amount alongwith further interest @ 9 % from 1.2.2020 onwards till November 2021.
When the respondent judgement debtor has defaulted in taking advantage of the opportunity to pay without any interest the decretal amount in six instalments, it has to be subjected to further burden of interest. The rate of 9% was earlier found reasonable. There is no good reason to take a different view. Hence, calculation of dues including interest @ 9% is accepted to be fair and appropriate. In the light of undertaking and offer of the judgement debtor in the affidavit filed on 16.11.2021, the concerned HDFC Bank at Parel, Mumbai where the said bank account of the judgement debtor indicated above is lying under order of attachment by this Tribunal, is directed to first transfer and pay Rs. 15,19,558.00 to the decree holder's bank account no. 0230VH000091 - Axis Bank, Dadar (East), Mumbai as mentioned in paragraph-5 of the affidavit and thereafter treat the said bank account free from attachment passed by this Tribunal on 13.8.2021.
With this order, the entire decretal amount has been arranged to be paid from the bank account of the judgement debtor to that of the decree holder/petitioner. Once the transfer takes place, this Execution Application will also become infructuous. However, an order for final disposal of the Execution Application shall be passed after the petitioner confirms that the amount in question has been transferred in its bank account.
Post the matter under the same head on 8.12.2021.
Order Dasti.