PREM CHAND Vs. S N BHATIA AND CO

JUDGEMENT

(1.) The present execution petition has arisen out of a compromise decree dated 3rd December,1998 recorded in Suit No.611/82 filed by the decree holder against the judgment debtors for specific performance and refund/repayment of Rs.3,56,500.00 with interest. The decree holder, during the pendency of the suit, had given up the relief of specific performance of agreement to sell in August, 1993 and had restricted his suit only to the recovery of Rs.3,56,500.00 along with interest and costs against the defendants. As the suit was pending since 1982 and the judgment debtors/defendants had agreed to refund the amount of Rs.3,56,500.00 in August, 1993, the plaintiff had restricted his suit only to the recovery of Rs.3,56,500.00 along with interest and costs against the defendants. Accordingly, a decree for a sum of Rs.3,56,500.00 along with costs of the suit was passed in favour of the plaintiff and against the defendants vide order dated 3rd December, 1998. The Court had also awarded interest on the principal amount of Rs.3,56,500.00 at the rate of 10% per annum from the date of filing of the suit till the date of payment. As the judgment debtors had agreed to pay the amount within two months, the Court granted two months time to the judgment debtors to make the payment and satisfy the decree. However, it was ordered that in case the payment was not made within two months, the plaintiff would be entitled to interest at the rate of 15% per annum instead of 10% per annum. The defendants/judgment debtors were also given liberty to deposit the decretal amount in me Court within the prescribed period. The relevant portion of the judgment is reproduced as under :-

(2.) The judgment debtors deposited a sum of Rs.9,55,125.00 by virtue of two pay orders dated 8th January,1999 and 27th January,1999 for Rs. 5,50, 000.00 and Rs.4,05,125.00 respectively favouring the decree holder in the Court on 2nd February, 1999. The decree holder by moving an application being IA.No.l511/99 dated 10th February,1999 sought the realization of the pay orders deposited by the judgment debtors and vide orders dated 17th February, 1999, the said pay orders were ordered to be released in his favour. Admittedly, the amount of Rs.9,55125 had been released in favour of the decree holder. However, the decree holder being not satisfied with the .same filed the present Execution Petition alleging that the judgment debtors had not made the payment of fall decretal amount within two months from the date of decree and as such the decree holder became entitled to interest at me rate of 15% per annum instead of 10% per annum from the date of suit i.e. 24th April, 1982 till realization. The decree holder also contends that the judgment debtors had failed to give notice of deposit of the amount in the Court as contemplated under Order 21 Rule 1(2) Civil Procedure Code and, therefore, he became entitled to interest at the rate of 15% per annum from the date of suit till payment to him. According to the decree holder on this basis, the decree remains unsatisfied to the extent of Rs. 3,04,995.25 paise, execution of which has been sought, inter alia, by attachment and sale of house No.48-A, Jor Bagh, New Delhi.

(3.) Notice of the Execution Petition was given to the judgment debtors. The judgment debtors filed the reply and contested the matter.