DEEPAK ARORA AND ORS. Vs. VIJAY KHANNA

JUDGEMENT

(1.) THE decree holders (herein after referred to as applicants) have preferred this application under Section 152 read with Sections 153 and 151 of the Code of Civil Procedure for correction/modification of order dated 2.5.2015 in OMP No. 44 of 2015 on the ground that there are certain clerical/arithmetical mistake in the said order because of the wrong calculations submitted by the judgment debtor.

(2.) IT is averred that in terms of the award passed by the learned Arbitrator, the judgment debtor (herein after referred to as the respondent) was bound to pay the award amount within one month, failing which he would be liable to pay interest @ 18% per annum from the date of award. Since the amount was admittedly not deposited within the grace period of 30 days, therefore, the respondent become liable to pay 18% interest on the amount of Rs. 1,84,58,030/ - till the date of its payment. The applicants have further claimed proportionate interest accruable on the fixed deposit receipts that is the difference of the rate of interest as per the award viz -a -viz rate of interest accrued on the FDR amount of Rs. 3,70,49,770.80 and have prayed for modification of the order dated 2.5.2015 to that limited extent. According to the applicants they are entitled to the following amounts: -

(3.) IT cannot be disputed that in case the applicants have deprived of use of money, because of the lapse, fault or lack of the respondents, to which they were otherwise legally entitled to, then they have a right to be compensated for such deprivation, which may be called interest, compensation or damages etc.