1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL NO.332 OF 2008 IN CHAMBER SUMMONS NO.735 OF 2008 IN SUMMARY SUIT NO.1496 OF 2003 M/s Jayantilal Khandwala and Sons and others ...Appellants v/s Ricky Mukund ...Respondent Mr Vivek Kantawala i/b M/s Vivek Kantawala and Co. for Appellants. Mr Sanjay Jain i/b M/s S.K. Srivastava and Co. for Respondent. CORAM : D.K. DESHMUKH AND R.S. MOHITE JJ. DATE : 8TH JUNE 2009. 2 P.C. :- 1. Admitted position is that in summary suit No.1496 of 2003, a decree was passed on admission against the present appellants for paying Rs. 19,26,325/- together with interest at the rate of 18 % p.a. On the amount of Rs.17,03,520/- from 5th May 2003 till realisation. It is also an admitted position that the installments were allowed to the appellants to pay the amount. It is also an admitted position that on the appellants committing two defaults, the entire amount was to become payable at once and that two defaults have been committed by the appellants. It is also an admitted position that before committing the default, the appellants had paid an amount of Rs.7,68,831.15. It is also common ground that as on 18th June 2008, the total amount outstanding was Rs.14,10,398.24 plus Rs. 18,665/- as costs and Rs.7,125/- as Advocate s fees. Thus, the total amount outstanding on 8th June 2008 was Rs.14,36,000/-. It is also an admitted position that an amount of Rs.7,24,602/- is in deposit in this Court. 3 2. The learned counsel appearing for appellants stated that according to the appellants, the amount of Rs.2,19,636.60 which is claimed by the decree holder towards interest is not payable by the appellants to the decree holder. Thus, the only dispute between the parties that now remains is about the amount of Rs.2,19,636.60. According to the decree holder, that amount is payable to him whereas according to the appellants, it is not so payable. The learned counsel appearing for appellants stated before us that he is willing to pay to the decree holder the balance amount within a period of four weeks from today. After having heard the learned counsel for both sides, in our opinion, following order would meet the ends of justice. 3. The appellants shall pay to the respondent  decree holder an amount of Rs.9,31,586/- within a period of four weeks from today. The decree holder shall also be entitled to withdraw from this Court, the amount of Rs.5,05,602/- without furnishing any security. The decree holder shall also be entitled to withdraw the remaining amount of Rs.2,19,636.60 4 from this Court on furnishing the bank guarantee of a nationalised Bank to the satisfaction of the Prothonotary and Senior Master of this Court and furnishing an undertaking to bring back the amount if so directed by the leaned Single Judge of this Court. The proceedings are remanded back to the leaned Single Judge for deciding the question whether the amount of Rs.2,19,636.60 which is claimed as interest by the decree holder is payable to the appellants as and by way of interest on the principal amount of Rs.11,65,899.51 at the rate of 18 % p.a. for period of one year and 17 days i.e. From 18th June 2008 to 6th July 2009 or not. Leave to amend the chamber summons suitably is granted. In case the learned Single Judge holds that the amount is payable, the decree holder shall be entitled to discharge the bank guarantee that he is furnishing and the undertaking. On the contrary, if the learned Single Judge holds that the amount or any part of it is not payable, the respondent  decree holder shall abide by that order subject to his right to challenge that order in accordance with 5 law. 4. Subject to the decision on the question whether the above referred amount of Rs.2,19,636.60 is payable to the decree holder or not, the decree passed against the appellants stands satisfied. As a consequence, the order of appointment of Court Receiver also stands revoked and cancelled because now either the amount is paid or secured, subject to adjudication and payment of the amount referred above within a period of four weeks as per the statement made above. In case the appellants do not pay the amount as directed above, the appeal shall be treated as dismissed. Appeal is disposed off. Notice of motion No.2742 of 2008 is disposed off. Parties to act on the copy of this order duly authenticated by the Associate / Private Secretary of this Court. Certified copy expedited. ( JUSTICE D.K. DESHMUKH ) ( JUSTICE R.S. MOHITE )