Sanjib Banerjee, J. - (1.) These matters have seen more than the fair share of confusion that is associated with execution proceedings. Between the judgment-debtors' attempt to depress figures and the decree-holder financier's insatiable craving for interest, there is the understandable yawning gap between what is claimed to be due by the decree-holder and the refund claimed by, the judgment-debtors. But the disarray in both ranks, the disagreement between the two sides on the interpretation of a simple mistaken reference in the consent terms and the inexplicable confusion over documents and dates leading to waste of Court time have been the avoidable impediments.
(2.) Arbitration references made in respect of two hire purchase agreements of July 23, 1999 and February 24, 2001 were disposed of by terms of settlement filed before the arbitral tribunal on December 12, 2003. Under the agreement of 1999 the decree-holder had financed an excavator and under the agreement of 2001 the decree-holder had financed two pay-loaders which, for convenience, may be referred to by the last three digits of their identification numbers - 299 and 301. In the opening page of the body of the terms of settlement the 2001 agreement was referred to as the first agreement and the other as the second agreement. In the fourth page of the terms where the amounts outstanding were apportioned against either agreement the references to the two agreements were mistaken and the hearing on the day that such incongruity was noticed was required to be adjourned (both sets of parties agreeing to pay costs to the State Legal Services Authority) for such minor discrepancy to be resolved.
(3.) The sixth clause of the terms records a consolidated award in the sum of Rs.70.5 lakh and interest at the rate of 11.18 per cent "ROI (flat) per annum from the date of (the) terms of settlement." The seventh clause records that the judgment-debtors would be liable to pay an aggregate sum of Rs.98,16,960/- including an interest component of Rs.25,62,000/- and service tax of Rs.2,04,960/-. The parties agreed that the entire amount would be paid in 36 monthly instalments beginning April 1, 2004 and ending February 1, 2007 (The terms record that the 34th and 35th instalments would both be paid on January 1, 2007).;