1. When the matter is taken up today, Ms.Swati Soparkar, learned advocate for the petitioner, has drawn the attention of the Court to the Memorandum of Understanding ("MOU" for short) entered into between the petitioner and the respondent that is annexed at Annexure "B' to the petition. Pointing out to Clause (4) of the MOU it is submitted that the respondent has agreed to pay interest at the rate of 24% per annum from 1-11-2009 in the event of dishonour of any of the six cheques given by it, upon presentation.
2. There is a Table at Clause(2) of the MOU that shows six cheques, with proposed dates and amount, in seriatim. As per the say of the learned advocate for the petitioner, two Cheques, being Cheque No.600997 dated 26-10-2010, for an amount of Rs.9,20,345/-, and Cheque No.600998 dated 10-11-2010, for an amount of Rs.9,20,348/-, have been dishonoured; therefore, the respondent is liable to pay interest at the rate of 24% Per Annum from 1-11-2009 in respect of the amount of the dishonoured cheques, less Rs.1,50,000/- that the respondent has paid in the month of December 2010 and January 2011.
3. The learned advocate for the petitioner has further pointed out the calculation of interest made by the petitioner, at the rate of 24% per annum and 18% per annum, leaving it to this Court to award whatever rate of interest the Court deems fit. This calculation is to be found at Annexure-1 annexed to the further affidavit of the petitioner dated 28-3-2012 (at running page 73).
4. Mr.B.M.Mangukiya, learned advocate for the respondent Company submits that the respondent has also made a calculation of the amount of interest that has been annexed at Annexure R/1 with the affidavit-in-rejoinder dated 25-4-2012, filed by the respondent.
5. Having heard the learned counsel for the respective parties, there is no dispute to the fact that the limited issue regarding payment of interest in respect of the two dishonoured cheques is all that survives in the petition. The dispute is regarding the calculation of interest by the respective parties. The liability of the respondent to pay the same is not disputed. Prima facie, from a perusal of the MOU entered into between the parties, it appears that the respondent has agreed to pay interest at the rate of 24% per annum from 1-11-2009, in the event of dishounour of any of the aforesaid cheques. The learned advocate for the petitioner has taken a fair stand and left the rate of interest to be decided by the Court. It appears, on a bare reading of the calculation made by the respondent Company, at Annexure R/1 to the affidavit-in-rejoinder, that the interest has been calculated from the year 2010 whereas the MOU is clear that it is to be calculated with effect from 1-11-2009. To this extent, it appears that the calculation made by the learned advocate for the respondent may not be correct. The learned advocate for the respondent may recalculate the rate of interest in respect of the two dishonoured cheques with effect from 1-11-2009 as per the MOU, at the rate of 24% per annum as well as at the rate of 18% per annum.
6. The needful be done on, or before, 12-7-2012.
As several opportunities have already been granted to the respondent, it is expected that no more time shall be taken for this purpose.
List on 12-7-2012.
(Smt.Abhilasha Kumari,J) arg Top