1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE SIDE Writ Petition No.289 of 2008 Ambejogai Sahakari Sakhar Karkhana Ltd. Petitioner Vs. Rajdeep Industrial Products Pvt.Ltd. Respondent Mr.U.R.Mankapure for petitioner. Mr.S.V.Pitre for respondent. CORAM: B.H.MARLAPALLE, J. April 25, 2008 P.C. 1. Heard Mr.Mankapure, the learned counsel for the petitioner - Karkhana. For the recovery of Rs.20,32,553/- with interest at 18 per cent per annum the respondent - company filed Special Summary Suit No.157 of 2003 and the said suit was allowed by the learned 14th Jt.Civil Judge, Senior Division at Pune on 22/11/2006 and the decree was passed for the recovery of Rs.20,32,553/- with interest at 10 per cent per annum. An application under Order XXXVII Rule 4 of CPC was submitted by the petitioner - Karkhana before the Court below and the decree passed in Summary Suit No.157 of 2003 was prayed to be set aside and with permission to defend the suit. This 2 application was registered as Misc. Civil Application No.70 of 2007 and it came to be rejected by the Court below on 28/9/2007. Hence this petition. 2. By way of compromise the respondent - company has graciously agreed to give up the claim of interest as awarded by the trial Court i.e. at 10 per cent per annum and it is willing to settle the dispute if the principal amount is repaid. Mr.Mankapure, the learned counsel for the petitioner - Karkhana submitted that the present financial position of the said Karkhana does not permit it to pay the entire principal amount in one instalment. On this Mr.Pitre, the learned counsel for the respondent - company submitted that it may accept the amount in two equal instalments. 3. Having regards to the submissions made by both the parties, I am satisfied that the claim of the respondent - company would be fully satisfied if the petitioner - Karkhana pays an amount of Rs.20,50,000/- (Rupees twenty lakhs fifty thousand only) and without any interest. It is, therefore, directed that the said amount of Rs.20,50,000/- shall 3 be paid by the petitioner - Karkhana to the respondent - company in four equal quarterly instalments and the first instalment of Rs.5,16,500/- shall be paid by the petitioner - Karkhana to the respondent - company by 15th May 2008 and so far as the remaining three instalments are concerned, three separate cheques dated 15/8/2008, 15/11/2008 and 15/2/2009 shall be handed over by the petitioner - Karkhana to the respondent - company on 15th May 2008. 4. In consideration of the above payment of the principal amount, the respondent - company shall not be entitled to claim the interest in case the instalments as noted hereinabove are paid and the cheques are encashed. 5. Petition is disposed off in terms of the above order. (B.H.MARL