9911796707
TMI Blog2001 (9) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... the payment of Rs. 90,48,631 which was made in December 1994, was first to be adjusted against the principal or not. Without going into the correctness of the conclusion of the Special Court that the same was to be adjusted first toward interest and not against the principal, we feel that ends of justice will be met by varying the decision of the Special Court to a limited extent, namely, reducing the rate of interest to 18 per cent. - CIVIL APPEAL NO. 747 OF 1997 - - - Dated:- 25-9-2001 - B.N. KIRPAL, N. SANTOSH HEGDE AND P. VENKATARAMA REDDI, JJ. JUDGMENT 1. On 31-3-1992, the appellant owed respondent No. 2 [Dhanraj Mills (P.) Ltd.] a sum of Rs. 90,48,631. Under the provisions of the Special Court (Trial of Offences Relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt No. 2. It was further stated that this payment would be without prejudice to further liabilities and it was mentioned that in an affidavit filed by Dhanraj Mills Private Limited the amount outstanding and due from the appellant was stated to be Rs. 95,58,611. Payment for interest at the rate of 24 per cent was reiterated by the Custodian. 6. It is not in dispute that on 9th September, 1994 a sum of Rs. 90,48,631 was paid by the appellant into the account of the Custodian. It is a few months thereafter that Misc. Application No. 190/95 was filed by the Custodian claiming interest at the rate of 24 per cent from the appellant herein. 7. By order dated 5th November, 1996, the Special Court passed the decree against the appellant for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 12th December, 1996 was paid pursuant to the order dated 5th November, 1996, it will be in fitness of things that there should be some concession in the rate of interest. The Special Court gave a concession of 4 per cent by reducing the rate of interest from 24 per cent to 20 per cent. The rate of interest should further be reduced to 18 per cent, especially because we are not deciding the question as to whether the payment of Rs. 90,48,631 which was made in December 1994, was first to be adjusted against the principal or not. Without going into the correctness of the conclusion of the Special Court that the same was to be adjusted first toward interest and not against the principal, we feel that ends of justice will be met by varying t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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