STATE OF GUJARAT Vs. GANGAJI RAMJI

JUDGEMENT

(1.) The petitioners herein were original defendants, whereas the respondent was the original plaintiff before the trial court, in proceedings where the respondent-plaintiff had prayed for a decree in terms of ah arbitration award. The trial court passed a decree in favour of the respondent. This decree was challenged in this court in First Appeal No. 968 of 1989, which was disposed of by a Division Bench of this Court. (Coram: N. B. Patel & V. H. Bhairavia, JJ.) by judgement and order dated 17th December 1991. However, in the meanwhile the decree holder filed execution proceedings viz. Special Civil Execution Proceedings No. 49 of 1989.

(2.) As aforesaid the Division Bench by the said judgement and order allowed the appeal only partly. The decree in the main was upheld and the appeal as regards the substantive challenge to the Decree was rejected. The only modification made by this Court in the decree was to reduce the rate of interest from 18% to 9%. It may be noted that the operative part of the judgement refers to the interest as accruing from 3rd May 1986.

(3.) It may also be mentioned here that Civil Application No. 2394/89 had been filed by the present petitioners (appellants in the said First Appeal) for a stay of the decree challenged in the appeal. By an order dated 11th June 1990 passed in the said civil application this court granted interim stay of execution of the decree on condition that the applicants (the present petitioners) deposit in the trial court Rs. 8 lakhs within 12 weeks from the date of the order, while reserving liberty to the respondent to withdraw the same on furnishing security to the satisfaction of the trial court.