MOHD. SHAFI BABA Vs. ORIENTAL INSURANCE COMPANY LTD.

JUDGEMENT

(1.) Though the medium of this application execution of order dated 3.11.2004 passed by the Commission is sought. The Commission in terms of the said order had directed the OP/Judgment debtor to pay Rs. 46,99,008 with 6% interest from two months after surveyor's report, i.e. from 24.11.2002 alongwith costs of litigation to the tune of Rs. 5000. The whole amount was made payable within a period of five weeks from the date of the order. The order has been challenged in appeal (CIMA No. 125/2004) by the OP/Judgment debtor in the Honourable High Court. On 6.12.2004, the Honourable High Court vide interim order (Annexure B), held that there was no dispute to the extent of the award amount of Rs. 36 lakhs but granted stay in respect of the remaining amount of the award to the extent of Rs. 10.99 lakhs alongwith interest thereon.

(2.) Through the medium of this application, decree-holders have claimed the payment as delineated in Para 10 in the following manner: <FRM>JUDGEMENT_29_LAWS(J&K)8_2007.htm</FRM> Plus further interest if defaulted by J.D."

(3.) To the execution petition, the Judgment debtor has filed the objections wherein it is pleaded that there is nothing outstanding against the judgment debtor because by making an adjustment of the statutory deposit from the awarded amount to the tune of Rs. 13,16,972 there remains nothing to be paid as they have liquidated the liability by making the payment to the tune of Rs. 40,86,503. The break up has been shown in para 2 of the objections, where the principal amount which was payable has been shown as Rs. 36,08,000 and interest thereon has been calculated from 24.11.2002 to 28.11.2004 (for 735 days) to the tune of Rs. 4,34,956. The deposit of 1 /4th of the awarded amount is reflected in the sum of Rs. 13,16,972 and on the remaining amount which was paid through the Commission vide Cheque No. 825792 dated 30.3.2005 has been shown in the sum of Rs. 27,69,531. The payment of the remaining awarded amount to the tune of Rs. 10.99 lakhs has been stated as stayed. A prayer has been made to dismiss the execution petition.