Mihijam Vanaspati Ltd & Anr vs Shining Vyapar Pvt Ltd And Ors on 7 July, 2025
Ext. G, as stated above, contains affirm statement of the Plaintiff that the
Plaintiff no. 2 would be liable to pay interest 24% on the principal amount of
Rs.15,00,000/- with effect from 21/01/2012. In the preceding part of this
judgment it has already been decided what would be the principal sum. A further
elaboration is given herein. There is no dispute that a sum of Rs.2,00,000/- was
received by the Defendant no. 1 on 08/02/2012. Although the Defendant no. 1
claimed to have adjusted the said payment of Rs.2,00,000/- against accrued
interest, the Supreme Court of India in the order dated 13/09/2013 in Bhasha
Construction & Industrial Projects Pvt. Ltd. Vs. Shining Vyapar Pvt.
Ltd. [(2013) 10 SCC 543] made it clear that the sum of Rs.2,00,000/- had been
adjusted against the principal amount of Rs.15,00,000/- leaving a sum of
Rs.13,00,000/- outstanding. The Plaintiff, therefore, shall pay interest at a rate of
24% on the principal sum of Rs.15 lakh from 21/01/2012 to 08/02/2012. From
09/02/2012 till 7th October, 2013, the Plaintiff shall be liable to pay interest at a
rate of 24% on the outstanding principal sum of Rs.13,00,000/-. The Defendant
no. 1 received a sum of Rs.10,00,000/- on 08/10/2013 from this Court. This
amount of Rs.10,00,000/- would be applied to the principal amount outstanding
i.e. Rs.13,00,000/- leaving a sum of Rs.3,00,000/- as outstanding principal
amount. This outstanding principal amount of Rs.3,00,000/- will attract interest
at a rate of 24% till payment, from 08/10/2013.