Delhi High Court
Strength And Support Builders ... vs Delhi Development Authority on 6 April, 2009
Author: Manmohan Singh
* HIGH COURT OF DELHI : NEW DELHI
+ Ex. P. No.115/2008
Judgment reserved on: 30th March, 2009
% Judgment decided on : 6th April, 2009
Strength & Support Builders Pvt. Ltd. ......Decree Holder
Through : Mr. Raman Kapur, Adv.
Versus
Delhi Development Authority .....Judgment Debtor
Through: Ms. Geeta Mehrotra, Adv.
Coram:
HON'BLE MR. JUSTICE MANMOHAN SINGH
1. Whether the Reporters of local papers may No
be allowed to see the judgment?
2. To be referred to Reporter or not? No
3. Whether the judgment should be reported
in the Digest? No
MANMOHAN SINGH, J.
1. This execution petition has been filed by the decree holder
for execution of the order passed by this Court on 18 th September, 2007
whereby judgment debtor is directed to pay the interest at the rate of
10% per annum. The decree holder prayed for issuing warrants of
attachment of the properties of judgment debtor as set out in schedule of
properties and sale thereof for realization of the sum of
Rs.20,15,109.00P and future interest at the rate of 10% per annum up to
the actual date of payment to the decree holder towards satisfaction of
the decree dated 18th September, 2007 passed by this court in CS(OS)
No.2189-A/1997.
2. The decree holder has filed the calculations of the amount
due from judgment debtor as under:-
1. Principal Amount in award Rs. 18,74,558.41p
2. Interest @ 10% from 23.9.1997
to 13.06.2008 (+) Rs.20,02,707.48p
----------------------
3. TOTAL Rs. 38,77,266.00p
4. Less paid by JD on 13.6.2008
(-) Rs.20,11,332.00p
----------------------
5. Balance Rs.18,65,934.00p
----------------------
6. Interest @ 10% from 14.6.2008
Upto 31.3.2009 (+) Rs.1,49,275.00p
-----------------------
7. Total balance amount due from
J.D. as on 31.3.2009 Rs.20,15,109.00p
-----------------------
3. The Arbitrator in his award dated 23 rd September, 1997
awarded pendentelite interest at 15% per annum to the tune of
Rs.6,57,262.80p from 15.5.1993 i.e. the date of filing of the statement of
claims till 15.09.1997. It was further held that on failure to make the
payment of the awarded amount within three months from the date of
the award, the respondents would be liable to pay future interest at 15%
per annum on the amount awarded from the date of the award till the
payment of award or decree, whichever is earlier. Vide order dated 18th
September, 2007 the learned Single Judge of this Court has modified the
award by reducing the interest rate awarded to the decree holder from
15% to 10% per annum in the following words:-
"Insofar as the question of interest is concerned, the
learned arbitrator has awarded interest at the rate of
15% per annum, which in my view is on the
excessive side. This is taking into consideration the
fact that the interest rates have dropped and declined
from what they used to be in early 90's to what they
are at present. At one stage the interest rates had
fallen to as low as 6% per annum. Therefore, taking
into account the totality of the circumstances, I think
that the appropriate rate of interest would be 10%
per annum. The interest for the future shall also be
at the rate of 10% per annum from the date of the
decree."
4. According to the judgment debtor, there is no amount due to
be paid to the decree holder. The calculation as per judgment debtor is
as under:-
Principal Amount Rs.15,22,795.55
Pendentelite interest Rs.3,49,832.45
@10% from 15.5.93 to
15.9.97
--------------------
Total Rs.18,72,628.00
ADD
Future interest @ 10% p.a.
from 18.9.07 to 13.6.08 Rs. 1,38,694.00
Total Rs.20,11,322.00
Less
Paid vide ch. Dt. 13.6.08 Rs.20,11,322.00
(Rs.20,11,322.00--I.tax
Rs.89,130.00=Rs.19,22,192.00)
-------------------
Difference NIL
5. It is contended by the Judgment Debtor that future interest
has to be calculated from the date of judgment instead of date of award,
as this court vide judgment dated 18.9.2007 has ordered that the interest
for the future shall be @ 10% p.a. from the date of decree.
6. In my view, the contention of the judgment debtor that future
interest shall be calculated from the date of court order i.e. 18 th
September, 2007 to the date of payment i.e. 13 th June, 2008 is incorrect.
The decree holder has rightly calculated the amount of future interest
from the date of award i.e. 23rd September, 1997 to 31st March, 2009
after deducting the amount of Rs. 20,11,322/- less income tax paid by
the judgment debtor on 13th June, 2008. The total balance amount due
from the judgment debtor as on 31st March, 2009 is Rs. 20,15,109/-.
7. I find no force in the contention of the judgment debtor. He
is hereby directed to make the payment of Rs. 20,15,109/- within two
weeks from today. In failure to do so, warrants of attachment be issued
by attaching the account No.10030/10039 of Judgment Debtor in State
Bank of India, Vikas Sadan, INA, New Delhi to the extent of
Rs.20,15,109/- maintained by DDA and attached amount shall be paid to
the decree holder within four weeks from the date of attachment.
This execution petition is disposed of in the above terms.
MANMOHAN SINGH, J
APRIL 06, 2009
sa
