Asim Industries Pvt Ltd vs Neptune Developers
2021 Latest Caselaw 6058 Bom

sg                                                                      31. sj35-19.doc

               IN THE HIGH COURT OF JUDICATURE AT BOMBAY

                             ORDINARY ORIGINAL CIVIL JURISDICTION

                      SUMMONS FOR JUDGMENT NO.35 OF 2019
                                    IN
                   COMMERCIAL SUMMARY SUIT NO.705 OF 2019

Asim Industries Pvt. Ltd.                 ...Applicant/Plaintiff
           vs.
Neptune Developers                ...Defendant
                                .....
Mr. Sourasubha Ghosh, a/w. Mr. Samarth Choudhary, i/b. M/s. Hariani &
Co., for the Plaintiff.

Mr. Akshay Patil, i/b. Mayur Thorat, for the Defendant.
                                     ....
                               CORAM : S.C. GUPTE, J.

DATED : 5 APRIL 2021 P.C. :

. The Plaintiff has filed the present commercial summary suit for recovery of a sum of Rs.16,30,91,405.60 as per particulars of claim Exhibit "M" to the plaint with further interest at the rate of 24% p.a. from 1 January 2019 and till payment or realisation. The claim arises out of a loan agreement as well as supplementary agreements between the parties in respect of the loan amount. The summons for judgment was partly allowed by an order passed by this Court on 4 February 2020. The entire claim of the Plaintiff towards the principal amount of loan, being a sum of Rs.7 crores, was decreed by this Court. As for the claim of interest, the Defendant was granted leave to defend, subject to deposit of sum of Rs.2 crores in Court within six weeks. The Defendant has failed to deposit this amount and, as a result, the Plaintiff has moved this Court for a decree for non-compliance with the conditional leave to defend.

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sg 31. sj35-19.doc

2. Learned Counsel for the Defendant, whilst opposing the application for decree, submits that the particulars of claim have been worked out in Exhibit "M" on the basis of 24% interest, which is not in accordance with the original agreement between the parties. He contests this rate of interest. Learned Counsel submits that if the rate of interest were to be reworked at 18% p.a., he would submit to a decree. Learned Counsel for the Plaintiff has no objection to so reworking the particulars of claim, provided that the entire decretal amount is paid within one year. Learned Counsel for the Defendant is agreeable to this condition.

3. Since both parties are agreeable to reworking the interest at the rate of 18% p.a., after adjustment of payments, which have been considered by the Defendant, towards this interest, there will be a decree for interest at the rate of 18% p.a. from the date of disbursement of the loan subject to adjustment towards payments already made, which are reflected in paragraph 12 of the Plaintiff's affidavit in support of the summons for judgment. The Defendant shall pay this amount within a period of 12 months by equal monthly installments, the first of such installments commencing from 7 June 2021 and the rest on or before 7 th of each succeeding month. The decree shall be drawn up accordingly.

( S.C. GUPTE, J. )

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