- (1.) Substitution applications are allowed.
(2.) After hearing the counsel for the parties, we are of the opinion that the judgment of the High Court calls for no interference except to the extent that, as fairly conceded by the Solicitor-General, that the enhanced rate of interest @ 24% will be chargeable only w. e. f. 22-7-1993.
(3.) Revised calculation of the amounts due and payable by the petitioners will be on this basis, will be served on the petitioners within one week from today. Within four weeks from the service of the revised demands 25 per cent of the amount due from each of the petitioners will be paid to the respondents. The balance amount will be paid within four months of the service of notice of demand. It is clarified that the interest will continue to run at the enhanced rate on the decreasing balance till the date of payment.;