Bombay High Court
Mahesh P. Raheja And 2 Ors vs Base Industries Group And 2 Ors on 11 June, 2019
Author: R.I. Chagla
Bench: R.I. Chagla
903-COMEX-63-17.doc
Sharayu Khot.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMMERCIAL EXECUTION APPLICATION NO. 63 OF 2017
Mahesh P. Raheja & Ors. ...Plaintiffs
Versus
Base Industries Group & Ors. ...Defendants
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Mr. Arshil Shah, a/w Jaini Shah, Ms. Rhea Francis, i/by Arshil
Ajay Shah, for the Plaintiffs.
Mr. Pravin Desai, for the Defendants.
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CORAM : R.I. CHAGLA J.
DATE : 11 June 2019
ORDER :
1. The Decree-holders have filed an Application by way of Praecipe dated 10th June 2019 wherein it is stated that the Decree-holders seek permission to withdraw the interest accrued on the amounts deposited by the Judgment-Debtors on 23rd April 2018 till December 2018 i.e. date of withdrawal of the principal deposit. It is stated that the principal deposit came to be invested as and by way of fixed deposit and pursuant to the 1/3 June 11, 2019 ::: Uploaded on - 14/06/2019 ::: Downloaded on - 15/07/2019 04:53:10 ::: 903-COMEX-63-17.doc judgment dated 13/22nd July 2018, the Plaintiff was permitted to withdraw the amount deposited by the Judgment-Debtors after expiry of four weeks from the date of the order. The judgment has been upheld by the Division Bench of this Court in Appeal on 25th October 2018 (pronounced on 20th December 2018). Upon an Application being made by the Plaintiffs/Decree-holders, the concerned department of this Court has credited the amount of principal deposit i.e. 2.75 Crores only and not the interest accrued on such deposit from the date of investment till the date of withdrawal. The reason for not crediting the interest accrued is that there is no order of this Court directing remittance of accrued interest at the time of withdrawal of the deposited amount.
2. Considering that the principal deposit of Rs. 2.75 Crores came to be invested as and by way of fixed deposit and that interest has accumulated upon the amount deposited, it would be necessary to direct the Prothonotary & Senior Master to credit the amount of interest accumulated upon the said 2/3 June 11, 2019 ::: Uploaded on - 14/06/2019 ::: Downloaded on - 15/07/2019 04:53:10 ::: 903-COMEX-63-17.doc deposit during the period of 23rd April 2018 till December 2018 i.e. date of withdrawal of the principal deposit.
3. The learned Counsel for the Decree-holders further states that apart from the interest which had accrued till the date of withdrawal of the principal deposit, the interest which remained in the fixed deposit would also have accrued further interest till date and whatever amount is lying in the fixed deposit also be credited to the Decree-holders.
4. I consider the Application of the Decree-holders to be reasonable and accordingly, direct the Prothonotary & Senior Master to also credit whatever balance is lying in the fixed deposit to the credit of the Decree-holders. Accordingly, the Prothonotary & Senior Master shall act on this order within a period of two weeks from today.
5. The Application is accordingly disposed of.
[R.I. CHAGLA J.] 3/3 June 11, 2019 ::: Uploaded on - 14/06/2019 ::: Downloaded on - 15/07/2019 04:53:10 :::