- (1.) This is an application for initiating proceedings under the Contempt of Courts Act against the respondent Corporation for disobedience of the order of this Court dated 18.12.2003 in ABL International Ltd. V/s. Export Credit Guarantee Corpn. of India Ltd.1 The applicants were the appellants in the said appeal which was disposed of in the following terms: "57. For the reasons stated hereinabove, we think the Appellate Bench of the High Court was not justified in reversing the Judgement of the learned Single Judge. For the reasons stated above, the impugned judgment of the Appellate Bench of the High Court is set aside and that of the learned Single Judge is restored. The appeal is allowed with costs."
(2.) Since by the aforesaid order the order of the learned Single Judge was restored, we may notice the operative part of the Judgement of the learned Single Judge which is as follows: "In the result this application is allowed as against Respondent 1 who is directed to honour its commitment. Let a writ of mandamus issue directing the first respondent not to give effect or further effect to the impugned orders as contained in Annexures 'P' and 'X' to the writ application. The first respondent is further directed to settle the claim in terms of the policy dated 30.09.1993 as contained in annexure to the writ application at an early date and not later than four weeks from the date of communication of this order with interest @ 12% per annum. Keeping in view the fact that by reason of refusal to pay, the first petitioner has suffered immense loss as, in the meantime, the respondent Bank has approached the Company Law Board in terms of Sec. 111(2) of the Companies Act, the first respondent shall pay and bear the cost of this writ application. Counsel's fee assessed at 500 GMs."
(3.) Counsel for the applicants submitted that the applicants had preferred their claim on 25.07.1994. Since the respondents denied their liability, the writ petition was filed before the High Court of Judicature at Calcutta and the learned Judge by his order dated 15.05.1997 allowed the writ petition and directed as above. The respondents, however, have not settled the claim and paid the interest in terms of the order of the learned Single Judge. They insist that the respondent Corporation is liable to pay interest @ 12% only for the period during which the writ petition was pending before the learned Single Judge, that is to say, from the date of filing of the writ petition till the disposal of the writ petition by the learned Single Judge which works out to about 456 days only. He, therefore, submitted that appropriate action be taken under the Contempt of Courts Act to punish the respondent Corporation.;