CITIBANK N A Vs. STANDARD CHARTERED BANK

JUDGEMENT

(1.) This order shall dispose of IA No. 5 filed by the respondent-applicant Standard Chartered Bank (hereinafter referred to as the "SCB") in civil Appeal No. 7426 of 1996 seeking clarification in the judgment dated 7.7.2004 and for further directions. I.A. No. 5 has been filed by the respondent Citibank N.A. (hereinafter referred to as the "Citibank") in civil Appeal No. 9063 of 1996 reporting compliance and recording satisfaction of the decree passed in the appeal.

(2.) Before adverting to the prayers made in the I.As. it is necessary to refer to few facts leading to the filing of the I.As.

(3.) Suit No. 24 of 1994 was filed by the SCB against Citibank seeking an order and decree against the Citibank to pay to SCB a sum of Rs. 55,73,92,241.57 p. with further interest on the principal sum of Rs. 48,27,91,095.89 p. @ 20 p.a. from the date of filing of the suit till repayment. Citibank filed back to back suit being Suit No. 1 of 1995 against Canbank Financial Services Ltd. (for short 'CANFINA") with a prayer that in the event a decree is passed against the Citibank in Suit No. 24 of 1994 then CANFINA be ordered to deliver to the Citibank me 9% IRFC Bonds of the face value of Rs. 50 crores along with the difference between the amount that the Citibank may be ordered to pay to SCB in Suit No. 24 of 1994 and the market value of the said bonds on the day on which the same are handed over by CANFINA to the Citibank along with interest @ 20% on the principal amount of Rs. 51,07,12,328.77 from 1.1.1992 till the date of filing of the suit together with interest on the principal amount @ 20% p.a. from the date of filing of the suit till repayment and/or realization.