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Issues involved: Determination of the entitlement of interest to the decree holder in an execution case.
Summary: 1. The execution case involved the question of interest entitlement to the decree holder until the date of payment. The arbitral award directed the judgment debtor to pay the awarded amount within 90 days, failing which interest at 18% was payable. The decree holder applied for execution after dismissal of the judgment debtor's application under Section 34 of the Arbitration Act. 2. The judgment debtor raised objections and sought stay of execution, claiming the award had not become final. However, the execution proceeded, and monies were attached and received in court. The judgment debtor's objections were dismissed, and a portion of the attached monies was released to the decree holder. 3. The Registrar General recorded discrepancies in interest calculations between the parties. The court held that interest would continue to run until payment to the decree holder, irrespective of the execution filing date. The court analyzed the impact of attachment on interest calculation and referred to relevant legal provisions. 4. Considering the circumstances and legal principles, the court determined the amount due to the decree holder based on the date when the monies were deemed releasable. The judgment debtor's objections were rejected, and a specific sum was ordered to be released to the decree holder, with the remaining balance to be refunded to the judgment debtor. 5. The court's decision was in line with established legal principles and previous judgments, ensuring fair treatment of both parties and resolving the issue of interest entitlement in the execution case.
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