- (1.) Leave granted. This appeal arises out of an order, Food Corporation of India v. Richh Pal Swami, Civil Revision No. 902 of 2010, order dated 13-9-2010 (P&H) passed by the High Court of Punjab and Haryana whereby Civil Revision No. 902 of 2010 has been partly allowed and the matter remitted back to the executing court to recalculate the amount payable to the decree-holder and disburse the same out of the amount already deposited by the judgment-debtor.
(2.) The grievance of the appellant is limited to that part of the impugned judgment by which the High Court has held that the decree-holder was entitled to pendente lite interest @ 18% p.a. on a sum of Rs 6,61,133.76 representing the principal amount claimed in the suit.
(3.) Mr Govind Goel, learned counsel for the appellant argued that the High Court had fallen in error in holding that the court passing the decree had awarded pendente lite interest to the plaintiff decree-holder @ 18% p.a. as was claimed in the plaint. He drew our attention to the decree passed by the trial court to argue that the suit had been decreed for a sum of Rs 9,75,000 with future interest @ 12% p.a. on the principal amount till actual realisation thereof. Subsequently, however, by an order dated 14-1-2005, the executing court had interpreted the said decree to mean that the court had granted pendente lite interest also @ 12% p.a. the rate at which future interest was granted. It is submitted by Mr Goel that in an appeal preferred against the judgment and decree passed by the trial court, the rate of future interest had been reduced from 12% to 6% p.a. That being so, the rate of pendente lite interest would also stand reduced from 12% to 6%, on the logic given by the executing court in its order dated 14-1-2005.;