P S PATIL Vs. LAKHAMAPPA

JUDGEMENT

(1.) PETITIONERS had challenged the order dated 7. 2. 2005 in Execution Case No. 5 of 1998 rejecting the Memo of Calculation dated 29. 10. 2004 filed by them.

(2.) FACTS relevant for the purpose of this petition are as under: respondents herein filed Original Suit No. 113 of 1987 for recovery of money of Rs. 94,200/- with interest. The said suit came to be decreed by the judgment and order dated 30. 7. 1994 granting decree for Rs. 91,311. 20 with proportionate cost and future interest at 18 per cent per annum from the date of the suit till the date of the decree and at the rate of 12 per cent for the subsequent period on the principal amount of Rs. 45,655. 60 against the petitioners herein. It is after passing of the decree that the respondents filed Execution Case No. 5 of 1998. During the pendency of the execution proceedings, on different occasions, the judgment-debtors paid an amount of Rs. 1,68,968. 70 and filed a Memo of Calculation dated 29. 10. 2004 giving particulars regarding payment and the amount due under the decree. It is the claim of the judgment-debtors that in view of payment of Rs. 1,68,968. 70, the whole amount under the decree has been satisfied, and, therefore, they sought for closure of the Execution Petition. The trial Court heard on the Memo filed by the judgment-debtors i. e. , petitioners herein, and, taking into consideration the decree of the trial court and the Memo of Calculation, held that they have to calculate interest at 18 per cent on the amount of Rs. 91,311. 20 (decretal amount) from the date of the suit till the date of the decree, and, as the petitioners herein did not calculate the said interest on the decretal amount, rejected the Memo of Calculation and directed continuation of the execution and posted the matter for payment of the balance amount, holding that the petitioners have to calculate the interest at 18 per cent per annum on the amount of rs. 91,311. 20 and not on Rs. 45,655. 60 (the loan amount advanced ). Aggrieved by the said order, this petition has been filed.

(3.) I have heard the learned Counsel for the petitioners and also that of the respondents.