RAJIV SHAKDHER,J. - (1.) Prefatory facts What is placed for adjudication before us, is an appeal, filed by the original defendant i.e. I.M.C.Ltd., (in short 'IMCL') and Cross Objections filed by the original plaintiff i.e. Tamil Nadu Co-operative Sugar Federation Ltd., (in short 'Federation') 1. 1. The appeal preferred by IMCL is numbered as O.S.A.No. 97 of 2012 while the Cross Objection filed by the Federation is numbered as Cross Objection 63 of 2012. 1. 2. IMCL had filed a suit claiming a sum of Rs. 1,31,39,075/- with interest at 15% p.a. from the date of the plaint till the date of realisation. In addition thereto, cost was also sought.
(2.) It is pertinent to note that the suit amount i.e. in the sum of Rs. 1,31,39,075/- is inclusive of two components. 2. 1. Firstly, the difference between the contract price arrived at between the Federation and IMCL and the market price at which the Federation had to finally sell the molasses on account of failure on the part of IMCL to lift the contracted quantity. This difference in the price has been quantified at Rs. 93,02,000/-. 2. 2. Secondly, the interest calculated at the rate of 15% p.a. for the period spanning between 31.12.1999 to 31.08.2002. This is calculated on Rs. 93,02,000/-. The interest has been quantified at Rs. 38,37,075/-. Accordingly, the amount claimed in the suit which, as indicated above is a sum of Rs. 1,31,39,075/- , and thus, includes interest calculated upto the date of the plaint i.e. the date of institution of the suit. In addition, Federation claims pendente lite and future interest at the rate of 15% p.a.
(3.) The learned Single Judge via the impugned judgement has decreed the suit in favour of the Federation for a sum of Rs. 93,02,000/- along with interest at the rate of 9% p.a. commencing from the date of institution of the suit till the date of realisation. 3. 1. Furthermore, the learned Single Judge has also directed adjustment of Earnest Money Deposit (in short 'EMD') made over by IMCL towards the principal amount i.e. the sum of Rs. 93,02,000/-. ;