SANGLI BANK LIMITED Vs. TIMBLO PRIVATE LIMITED

JUDGEMENT

(1.) COMMON questions of fact and law arise in both the revision applications and therefore the same were heard together and are being disposed of by this common judgment.

(2.) THESE revision applications arise from Order dated 13th August, 1997 passed by the First Addl. Civil Judge, S. D. , Margao in Special Execution Nos. 3/92/i and 6/92/i. By the impugned order, the Executing Court has ordered that the Execution Applications stand duly satisfied and consequently the judgment debtors/respondents are discharged of their liabilities and further that the decree holders/petitioners are ordered to release/discharge/cancel hypothecated goods described in Exh. N to the decree and further to inform the Registrar of Companies to cancel the charge created and registered in the office of the Registrar of Companies under the Companies Act.

(3.) THE facts in brief relevant for the decision are that the petitioners filed two Execution Applications bearing Nos. 3/92 and 6/92 for the recovery of the sum of Rs. 63,23,589. 63 with interest thereon and Rs. 23,67,943. 83 with interest thereon respectively against the respondents herein, who were judgment debtors in the said execution proceedings. During the pendency of the said execution proceedings by letters dated 14-1-94 and 19-1-94 the petitioners informed the respondents that it had been decided that the respondents have to agree for payment of the decreed amount plus 10% interest calculated upto date and the amount should be paid by the end of December, 1994 and the total liability of the respondents till date was calculated and worked out at Rs. 1,83,59,376. 05 and that the respondents should ensure that the said dues were settled accordingly. On 30th December, 1994, the respondents paid the said sum of Rs. 1,83,59,376. 05 to the petitioners against a receipt for the same issued by the petitioners and moved an application before the Executing Court for necessary order recording satisfaction of the decree and consequential relief. After hearing the parties the same was allowed by the Executing Court by the impugned order.