IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CIVIL APPELLATE JURISDICTION CIVIL APPELLATE JURISDICTION CIVIL APPLICATION NO. 3905 OF 2007 CIVIL APPLICATION NO. 3905 OF 2007 CIVIL APPLICATION NO. 3905 OF 2007 IN IN IN FIRST APPEAL NO. 2095 OF 2007 FIRST APPEAL NO. 2095 OF 2007 FIRST APPEAL NO. 2095 OF 2007 Shri Raja Anant Varti ...Applicant (Orig.Respondent No.1) V/s. Shri Ramesh Vallabhdas Devi & Ors. ...Respondents (Respondent No.1 Original Plaintiff and 2 to 7 Original Defendant Nos.2 to 7) Shri R.N. Gite for the Applicant. Shri S.K. Shinde for Respondent No.1. CORAM : D.K. DESHMUKH & CORAM : D.K. DESHMUKH & CORAM : D.K. DESHMUKH & V.M. KANADE, JJ. V.M. KANADE, JJ. V.M. KANADE, JJ. DATED : JANUARY 31, 2008 DATED : JANUARY 31, 2008 DATED : JANUARY 31, 2008 P.C. :- P.C. :- P.C. :- 1. This is an application taken out by the appellants. Against the appellant, there is a decree passed for payment of Rs.20 lakhs with interest at the rate of 9% p.a. from the date of filing of the suit till realisation. 2. The learned Counsel for the appellant states that so far as amount of Rs.11 lakhs out of the amount of Rs.20 lakhs for which decree has been passed is - 2 - concerned, the appellant does not dispute that the respondent is entitled to that amount. 3. It is clear from the submission of the learned Counsel for the appellant that the appellant is not challenging in appeal the decree of the trial court in so far as it directs the appellant to pay to the respondent an amount of Rs.11 lakhs. In our opinion, therefore, the appellant will have to deposit an amount of Rs.11 lakhs with interest as has been awarded by the trial court. The trial court has awarded interest only from the date of institution of the suit till the date of realisation at the rate of 9% p.a. 4. The learned Counsel for the appellant, however, submits that interest at a lesser rate should be awarded. So far as, the balance decretal amount of Rs.9 lakhs is concerned, the learned Counsel submits that the appellant is disputing his liability to pay the amount. He submits that the appellant is willing to furnish solvent security for that amount. - 3 - 5. Taking overall view of the matter, in our opinion, therefore, the following order would meet the ends of justice :- A) Civil Application is granted in terms of prayer clause (a) subject to the condition that within a period of six weeks from today, the appellant shall deposit the amount of Rs.11 lakhs with interest at the rate of 9% p.a. from the date of the institution of the suit till the date of deposit. The deposit shall be made with due intimation to the respondent. B) On the deposit being made, the trial court shall permit the respondent to withdraw the amount deposited, on the respondent filing an undertaking in the trial court undertaking to this Court to redeposit the amount, if so directed by this Court and on such terms and conditions as may be directed by this Court. C) It is clarified that though the appellant is - 4 - not disputing his liability to pay Rs.11 lakhs, he is disputing the rate of interest. Therefore, in case, the Court finds that the trial Court should not have awarded interest at the rate of 9% p.a. but at a lesser rate, then the Court may direct the respondent to bring back the excess amount. D) Withdrawal be permitted within a period of four weeks from the date of deposit. If the amount is not withdrawn within the aforesaid period, it be invested in Fixed Deposit in a Nationalised Bank to the credit of this appeal. E) The appellant shall furnish solvent security for the amount of Rs.9 lakhs to the satisfaction of the trial Court for a period of six weeks from today. If the solvent security is not furnished within the aforesaid period of six weeks, the respondent shall be free to execute the decree. - 5 - 6. Civil Application is disposed of. (D.K. DESHMUKH, J.) (D.K. DESHMUKH, J.) (D.K. DESHMUKH, J.) (V.M. KANADE, J.) (V.M. KANADE, J.) (V.M. KANADE, J.)