State Consumer Disputes Redressal Commission
M/S National Tube Well vs 1. The Branch Manager, The New India ... on 11 August, 2009
THE STATE CONSUMER DISPUTES REDRESSAL COMMISSION THE STATE CONSUMER DISPUTES REDRESSAL COMMISSION PANAJI GOA Present: Smt. Sandra Vaz e Correia Presiding Member Smt. Caroline Collasso Member Execution Application No.15/2008 M/s National Tube Well A proprietory concern, Represented herein by its Proprietor, Shri Shaikh Nabi, Having its office at House No.453 Housing Board Colony, Near Maruti Temple, Davorlim, Margao Goa. Decree Holder (Original Complainant) v/s 1. The Branch Manager, The New India Assurance Co. Ltd., Plaza Chambers, 2nd Floor, Dr. A. Borkar Road, Panaji-Goa. 2. The New India Assurance Co. Ltd., Regd & Head Office, New India Assurance Building, 87 Mahatma Gandhi Road, Fort, Mumbai 400001. 3. The Regional Manager, The New India Assurance Co. Ltd., Regional Office No.11, Jeevan Seva, 2nd Floor, S.V. Road, Santacruz West, Mumbai 400054. 4. The Maharashtra State Financial Corporation Ltd., Panaji-Goa. .. Judgment Debtor For the Decree Holder Advocate R.N. Naik.. For the Judgment Debtor Advocate E. Afonso, and none present at the time of order. Dated :11-08-2009 ORDER
[Per Smt Sandra Vaz e Correia, Presiding Member]
1. The only issue that remains in this dispute is the amount payable by the judgment debtors under the decree. This Commission, by its order dated 04-01-2008 in Complaint no. 9/1999 had directed the opposite party/judgment debtor to pay the complainant/decree holder an amount of Rs. 579040/- alongwith interest @ 10% p.a. from 09-03-1998 till full payment. Accordingly, the judgment debtor deposited an amount of Rs.10,52,653/- in the registry of this Commission, the said amount was then paid to MSFC/opposite party no.4 as per agreement arrived at between the parties.
2. The decree holder has submitted calculation statement showing an amount of Rs. 1,27,268/- as amount due from the judgment debtors. However, the judgment debtors in reply submitted that the decree holder has compounded the interest while the interest payable is simple interest.
3. We have perused the calculation statements submitted by both parties. The decree holder has compounded the interest awarded by this Commission; hence his calculation cannot be considered. On the other hand, the calculations of the judgment debtor appear to be correct. Simple interest @ 10% p.a. on the amount of Rs. 579040/- for the period 09-03-1998 to 23-06-2008 (10 years 3 months 15 days) works out to Rs.5,96,490/-. The gross amount payable is Rs. 11,75,530/-.
Out of this, the judgment debtor has deducted income tax at source @ 20.6% on the interest amount of Rs.5,96,490/- that works out to Rs.122877/-. TDS certificate has been placed on record. The net amount payable is Rs. 10,52,653/-, which is the amount deposited by the judgment debtor in this Commission.
4. In view of the above, nothing survives in these execution proceedings. Accordingly, the execution application stands disposed.
Pronounced [Sandra Vaz e Correia] Member [Caroline Collasso] Member