UNITED COMMERCIAL BANK Vs. NIRMAL SINGH SANDHU

JUDGEMENT

(1.) THIS revision petition is directed against the order of the executing court whereby he accepted the objections filed under Section 47 of the Code of Civil Procedure (for short "the Code") by the judgment-debtor against the decree in Civil Suit No. 58 of January 28, 1984.

(2.) THE sole objection taken by the judgment-debtor was that the decree holder was entitled to future interest only on the principal amount and not on the decretal amount. The executing court interpreting the provisions of Section 34 of the Code came to the conclusion that the decree holder was entitled to future interest on the principal amount and not on the decretal amount. The judgment-debtor had deposited the total amount payable under the decree. The executing court directed that the decree holder would be entitled to future interest on the principal amount and the excess amount deposited by the judgment-debtor be refunded to them.

(3.) THE decree holder aggrieved against the order of the executing court has come up in revision petition to this court. Learned counsel for the decree holder submitted that the decree holder is entitled to claim future interest not only on the principal amount but on the decretal amount. According to him, the decree holder is the financial institution and the interest accrued on the principal amount due and in terms of Section 34 of the Code, the decree holder is entitled to future interest on that amount. The submission is not sustainable under law. The interest that may be awarded to the plaintiff in a suit for money can be divided into three heads, according to the period for which it is allowed, namely :