STATE OF J AND K Vs. JAGDISH GUPTA

JUDGEMENT

(1.) This is a Civil Revision petition by judgment-debtors against order dated 10.02.2012, whereby learned Executing Court has held that the interest chargeable under the decree was 21 per cent per annum with quarterly rests. Heard. I have perused the record.

(2.) For back in the year, 1984, the Respondent/decree-holder had filed a suit against petitioners/judgment-debtors for recovery of Rs. 12349.78/- on account of the supply of one Allwyn Refrigerator by him to petitioner No. 3. The suit amount sought to be recovered comprised of Rs. 7016.92/- as the principal and Rs. 5332.86/- as interest calculated by the decree holder at the rate of Rs. 24 per cent up to the date of suit. The suit was decreed by the Court of learned Sub-Judge (CJM), Jammu vide judgment and decree dated 29.02.2000. The decree provided for recovery of Rs. 12,349.78 along with costs and interest 'as per Bank rate' from the date of institution of suit till final realization of the decreetal amount. The rate of interest allowed by the learned trial court became the bone of contention between the parties resulting into protracted litigation in execution proceedings commenced by the decree-holder leading to this Revision Petition by the judgment-debtors.

(3.) Learned trial court/executing court during currency of the execution proceedings seems to have entertained a review petition moved by the judgment-debtors and vide order dated 24.08.2002 modified the decree and fixed the rate of interest at 9 per cent instead of the Bank rate prevalent at the relevant time. This order, however, was set aside by this court vide order dated 30.04.2008 in Civil Revision No. 39/2004 holding that the decree could not have been modified in exercise of the review power otherwise than in removal of defects or mistakes apparent on the face of record or as a result of consideration of some fresh materials not available to interested party despite diligence. While setting aside the order dated 24.08.2002 this Court, however, had made an observation that judgment-debtors would not be prevented from seeking reduction in decreetal rate of interest through proper medium, if so advised. Thereafter the learned executing court passed an order dated 11.04.2009, thereby, holding that applicable rate of interest was 12.24 per cent per annum with quarterly rests. While passing this order, the learned executing court had taken into consideration the statement of one Raman Kachroo, Assistant, Advances of the State Bank of India, Branch, Kachi Chowni, Jammu produced by the decree-holder for determination of the Bank rate of interest prevalent at the relevant time and had, while rejecting his evidence, found that the rate of interest applicable was 12.24 per cent per annum.