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2015 (8) TMI 1498 - HC - Companies LawDirection to pay defaulted amount - direction to applicant to pay a sum of ₹ 1,00,00,000 on or before 7.7.2015 out of a total principal amount of ₹ 4,00,00,000 with an interest @ 12% p.a. on the entire principal amount - HELD THAT - The order dated 22.5.2015 was passed with the consent of the parties, wherein it was recorded that It is also agreed between the parties that in the event of default of payment of 25% of principal amount within the time stipulated, the entire suit shall stand decreed. Insofar as the said amount has not been paid, there is default of the aforesaid direction passed on 22.5.2015. There is no ground for extension of time, which, in any case, is opposed by the non-applicant. Application dismissed.
Issues: Application for modification of decree/order for payment with reduced interest rate. Default in payment leading to dismissal of application. Suit decreed due to non-payment as per previous order.
The judgment deals with an application seeking modification of a decree/order for payment. The applicants/defendants requested to pay a specific amount by a certain date at a reduced interest rate. The court had initially directed the defendants to pay a sum by a specified date with a higher interest rate. The order was passed with the consent of both parties, stating that failure to make the payment would result in the suit being decreed. As the defendants failed to pay the required amount by the deadline, there was a default in compliance with the court's direction. The court found no valid reason for an extension of time, especially since the non-applicant opposed it, leading to the dismissal of the application seeking modification. In another aspect, the judgment addresses a suit where the defendant failed to comply with the court's previous order to make a payment by a specific date. The court decreed the entire suit in line with the previous consent given by the parties. Consequently, a decree sheet was ordered to be drawn-up to reflect the suit being decreed due to the defendant's non-payment as per the court's previous order.
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