NUCENT FINANCE LTD Vs. HINDUSTAN MOTORS LTD

JUDGEMENT

(1.) By this application the petitioner has asked for relief for giving direction upon the plaintiff/decree-holder to accept a sum of Rs. 1,60,012/- in full and final settlement of all claims under the said decree dated 11-2-02. The decree has been passed by consent of the parties settling the dues on the date of passing of the order which is as follows :- There will be a decree for a sum of Rs. 1,10,42,287.48 p. with interest on the said sum at the simple rate of 10% per annum from the respective dates of default on lease rentals being principal sum which interest calculated upon 6th February, 2002 is Rs. 31,83,162.88 p. and for a further sum of Rs. 4,56,323/- being the residual value of the machinery leased out by the plaintiff to the defendant.

(2.) Therefore, it is clear that the decretal liability of the judgment-debtor/petitioner was on account of two-folds, namely, for a sum of Rs. 1,10,42,287.48 p. and further sum of Rs. 4,56,323/-. From the pleadings and accompanied documents, it appears to me that there is no dispute as regards liquidating the first figure of Rs. 1,10,42,287.48 p.

(3.) The petitioner in this case wants an adjustment of an amount of Rs. 2,90,152/- being the aggregate amount of the tax liability of the decree-holder and the same was from time to time deducted by the judgment-debtor and this had happened prior to April 2, 1996, long before the consent decree was passed. According to the applicant, as contended by Mr. Choudhury, Ld. Counsel for the petitioner, the aforesaid sum of Rs. 2,90,152/- is in real sense payable to the judgment-debtor and if the aforesaid amount is adjusted against the sum of Rs. 4,56,323/- then the balance amount would be around Rs. 1,60,012/-. The petitioner has already forwarded a cheque of the aforesaid amount and such cheque has been received by the decree-holder. Admittedly, however, this was received without prejudice to the rights and contentions of the parties.