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TMI Blog2001 (9) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... aid to the Custodian. In this way what has been paid in respect of the wheel loaders by Apex Engineering is Rs. 56.21 lakhs plus Rs. 32.64,142.70p. Thus having regard to the special facts of this case and keeping in view the letter of 7th May, 1992, complaining about the quality of the wheel loaders which were stated to be having design defects it will be in the interest of justice that the decree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement, Apex Engineering had to pay 36 equal quarterly instalments totalling Rs. 56.21 lakhs. The agreement further stipulated that in the event of default of payment by Apex Engineering it would be required to pay interest at 2 per cent per month compounded on daily basis. 2. Some instalments were paid, but on 7-5-1992, Apex Engineering wrote to Fairgrowth that there were some inherent manuf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnataka Bank should be sent to the Custodian, the amount which had been paid by Apex Engineering came to Rs. 19,35,601.43 p. It is to be seen that by 1994 in terms of the hire-purchase agreement full amount of Rs. 56.21 lakhs was required to be paid. There was thus a shortfall of about Rs. 36,85,999.00. 5. It is not in dispute that between the years 1997-1999 this sum has been paid. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt which required Apex Engineering to pay 25 per cent of the decretal amount as on the date of the appeal and for the balance amount the appellant was to give Bank guarantee for 50 per cent and security for 50 per cent. We are informed that 25 per cent which was directed to be paid by this Court on 20th November, 2000, amounting to Rs. 32,64,142.70 p. has since been paid to the Custodian. In this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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