(Per : HONOURABLE MR.JUSTICE C.L. SONI)
1. As recorded in order dated 2.4.2012, learned advocate for the applicants has not pressed the application qua prayer 14(C). Prayer 14(B) reads as under:
"14(B) PENDING admission, hearing and final disposal of First Appeal No.2452 of 2009, YOUR LORDSHIPS may be pleased to grant permission to the applicants-original respondents/ defendants to deposit, the amount of Rs.19,62,500/- (Rs.6,25,000/- Decreed Amount PLUS Rs.13,37,500/- Interest @ 24% p.a.) in terms of the judgment and decree dated 29th April, 2009 passed by Learned 9th Senior Civil Judge, Surat in Special Civil Suit No.128 of 2003, with this Hon'ble Court or with the District Court, Surat.
2. For claiming the above-said prayer, the applicants have stated in the application that under the decree passed against the applicants, the applicants are required to deposit an amount of Rs.6,25,000/- with interest at the rate of 24% from the date of the suit till realization by the respondents. The applicants have further averred that there is already a stay granted by this Court against execution and implementation of the judgment and decree passed by the Civil Court. It is the say of the applicants that if the amount, as ordered by the Trial Court, is not deposited by the applicants now, the applicants will suffer on account of award of interest at the rate of 24%, which is, as per the say of the applicants, on very higher side. The applicants have stated that the applicants are ready and willing to deposit the said amount in order to get relieved from the burden of payment of interest at a such huge rate.
3. In response to this application, we have heard learned advocate Mr. Dave appearing for the respondents. Learned advocate Mr. Dave has opposed this application by stating that since this Court has already granted stay against execution and implementation of the judgment and decree, the applicants should not be permitted to deposit the amount because that would amount to giving liberty to the applicants to contend before this Court that by permitting the applicants to deposit the amount, the decree is satisfied.
4. Having heard learned advocates for the parties, we are of the opinion that apprehension evoked by learned advocate Mr. Dave, is ill-founded. The applicants want to deposit the amount under the decree in order to avoid payment of interest pending the appeal. Deposit of the amount shall be of-course subject to the rights of the parties pending the appeal. We, therefore, allow this application in terms of prayer 14(B). The applicants are permitted to deposit the amount, as aforesaid with interest in the Trial Court before 30th April 2012. On such deposit being made, the Trial Court shall invest the same in the Fixed Deposit Receipt in any nationalized bank initially for a period of three years, to be renewed from time time, till the main appeal is finally heard and decided.
5. With the above directions, this application stands disposed of. Rule is made absolute accordingly.
(AKIL KURESHI, J.) (C.L.
SONI, J.) omkar Top