ash 1 caf-3824.09 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELATE JURISDICTION CIVIL APPLICATION NO.3824 OF 2009 IN FIRST APPEAL NO.1952 OF 2003 Arun Kumar & Co. .. Applicant Vs Sai Yarn Traders & Anr. .. Respondents -- Shri Vaibhav Gaikwad i/by Shri A.M. Kulkarni for the Applicant. Ms Leena Patil i/by Shri M.S. Karnik for Respondent No.1. -- CORAM ; A.S. OKA, J DATED : 7TH JULY, 2011 P.C. . Heard learned counsel appearing fro the Applicant and the learned counsel appearing for the Respondent No.1. The Applicant is the 1st Respondent in the First Appeal preferred by the 1st Respondent herein. The Applicant is one of the two original Plaintiffs and the 1st Respondent is the Defendant. There is a money decree passed in favour of the Applicant in the sum of Rs.6,46,524/- together with interest accrued thereon at the rate of 18% per annum from the date of filing of the suit till realization. In Civil Application No.5185 of 2003, this Court granted the stay of execution of the decree subject to 1st Respondent depositing a sum of Rs.5 lakhs in this Court within a period ash 2 caf-3824.09 of eight weeks from the date of that order. By the order dated 22nd January, 2008 this Court granted liberty to the Applicant to make an application praying for additional deposit of the amount by the 1st Respondent. Accordingly, the Civil Application No.1109 of 2008 was filed by the Applicant. The said Application was disposed of by an order dated 20th January, 2009. The relevant portion of the said order reads thus:- “2. My attention is invited to the order passed by the learned Single Judge of this Court on 17th February, 2005, which has been clarified by an order dated 22nd January, 2008. While disposing of the application, liberty was granted to the present applicant/respondent in the appeal to make a prayer for additional deposit of the amount. By the order dated 17th February, 2005 the appellant was directed to deposit Rs.5 lakhs and the same has already been deposited and the said amount is already withdrawn by the applicant. Thus, amount which is stated to be due and recoverable from the appellant by the respondent is about Rs.12 lakhs. In this view of the matter, I deem it appropriate to secure interest of the applicant/original respondent to the extent of the said amount. Hence, I direct the appellant to give security in the sum of Rs.12 lakhs, to the satisfaction of the Registrar (Legal), within a period of 8 weeks from today. 3. Ad-interim order dated 19th March, 2008 shall continue to operate till appellant furnishes security, as directed by the Registrar (Legal).” ash 3 caf-3824.09 2. By the present application, the Applicant has pointed out that the 1st Respondent has not furnished the security in the sum of Rs. 12 lakhs in terms of the order dated 20th January, 2009. Therefore, a prayer has been made for vacating the interim relief. 3. The learned counsel appearing for the 1st Respondent submits that though the 1st Respondent has not furnished the security as directed by this Court, the 1st Respondent will not dispose of the property which is described in the Civil Application No. 1098 of 2006. 4. I have considered the submissions. By an order dated 20th January, 2009, this Court came to the conclusion that the deposit of a sum of Rs.5 lakhs was not sufficient to grant stay of execution of money decree as the additional amount of Rs.12 lakhs and more was payable under the money decree. Therefore, this Court directed the 1st Respondent to furnish a security in the sum of Rs.12 lakhs within a period of eight weeks. 5. As a condition for grant of stay of execution of money decree, the decretal amount has to be secured. However, the 1st Respondent has failed to furnish security as directed by this Court. Therefore, the interim relief granted in Civil Application No. 5185 of 2003 will have to be vacated. However, an opportunity deserves to be ash 4 caf-3824.09 granted to the 1st Respondent to comply with the order dated 20th January, 2009. 6. Hence, the Civil Application is disposed of by passing the following order:- ORDER :- If the 1st Respondent fails to furnish security in the sum of Rs.12,00,000/- as per the order dated 20th January, 2009 in Civil Application No.1109 of 2008 within a period of 12 weeks from today, the interim relief granted by this Court in Civil Application No.5185 of 2003 will stand automatically vacated without further reference to the Court. If compliance is made within the stipulated time, it is obvious that the interim relief will continue to operate till the disposal of the Appeal. ( A.S. OKA, J )