PRAVEEN SINGH RAINA Vs. SURINDER SINGH

JUDGEMENT

(1.) Through the medium of this application, execution of the order dated : 31.3.2003 passed by the Commission is sought. The order was passed in Complaint No.2378/2002. The complainant who is a retired Lt. Col. from the Indian Army on 18.4.2002 had filed the complaint in the Commission. The O. P. (Judgment Debtor) had floated a Finance Company under the name and style of "khalsa Traders" and was its sole proprietor. He had been receiving the deposits from various depositors. At the initial stages of the working of the company; he used to pay compound interest at the rate of 2% per month to every depositor.

(2.) The complainant decree holder had allured O. P/judgment debtor to open an Account in the Company and as a consequence thereof Account No.5713 was opened in the year 1998. He started depositing money received by him by way of retiral benefits as a pensioner. The opposite party/judgment debtor had failed to keep up his promise for the refund of the deposited amounts along with the interest accrued thereon and on final refusal being made, the complainant/decree holder filed the above mentioned complaint in the Commission. After the trial of the complaint, the Commission on 31.3.2003 ordered the refund of the principal amount deposited by the complainant/decree holder up to 2.3.2000 along with interest accrued thereon which amounted to the tune of Rs.4,59,510 along with future interest at the rate of 9% per annum. The interest was made payable from 3.3.2000 till the final payment of the decretal amount. The opposite party/judgment debtor was also directed to pay Rs.2,000 as litigation charges. The O. P. /judgment debtor did not make any payment towards the liquidation of the awarded amount and on 22.5.2003, the complainant decree holder filed the execution petition wherein refund of Rs.4,59,510 as principal amount and interest accrued thereon at the rate of 9% per annum from 2.3.2000 to 22.5.2003 amounting to Rs.1,47,925 and litigation charges to the tune of Rs.2,000 which in all totalled Rs.6,09,434 were claimed.

(3.) The opposite party/judgment debtor was summoned for putting appearance on 6.5.2003, 13.6.2003 and 25.7.2003 but all efforts ended in vain. Finally, on 8.8.2003; his presence could be secured through Mr. R. P. Sapolia Advocate. On the subsequent dates; the opposite party/judgment debtor absconded and his Advocate Mr. R. P. Sapolia also stopped appearing. Finally on 9.10.2003, a non-bailable warrant of arrest was issued against him. On the next date of hearing i. e. on 6.11.2003, the O. P. /judgment debtor along with his Counsel presented themselves in the Commission and he made an application for allowing him to liquidate the awarded amount by six instalments. However, after a hot contest an agreed order with their consent was passed whereby within one year the whole amount was made payable by six instalments. The operative part of the order reads : "judgment debtor had agreed to pay the instalments within 10 days of the month after every two months. First instalment will be paid in the first week of January, 2004. In case there will be failure of two consecutive instalments, the judgment debtor was undertaken to pay the balance amount in lumpsum. "