B.A. Khan, J.@mdashThis appeal challenges order dated 12.5.2004 passed by the learned Single Judge in Execution Petition No.2/2002 determining the amount payable to the appellant at Rs.74,217/- with 14% simple interest from 1.11.2001 to 24.8.2002.
2. Appellant is instead claiming Rs.3,75,194/- on this account as according to him 14% interest was livable on the award amount of Rs.6,53,800/- from the date of additional award (i.e. 11.6.2001) till the date of payment.
3. A mathematical riddle as it would appear on the first brush but a close examination does not sustain the appellant''s claim somehow.
4. Appellant had executed the work of making arrangement for RDC-97, etc. in terms of an agreement way back in 1997. Thereafter disputes arose between the parties and Dr. Y.P.C. Dangey was appointed the arbitrator. He published the award on 25.1.2001 and awarded the total amount of Rs.4 lac with 14% simple interest from 1.1.1998 (date of invocation of clause 25 of Agreement) till payment.
5. Appellant felt dissatisfied with this and made an application u/s 33 of the Arbitration Act, 1996 on which an additional award dated 11.6.2001 was made whereby the arbitrator awarded 14% pre-suit simple interest to appellant from 2.6.1997. The arbitrator held:-
Further, as regards interest by way of damages, the claimants are awarded pre-suit simple interest @ 14% per annum, which was omitted in the original award, with effect from the date when claimants'' amount has become due i.e. from 2.6.97 as per C.18
6. Appellant thereafter proceeded with the execution. This court vide order dated 27.8.2002 directed appellant to deposit Rs.10,58,066/-. The objections against the execution were dismissed. Thereafter the appellant filed a fresh execution application for payment of Rs.4,20,581/- (interest amount) on the decretal award amount of Rs.10,58,066/- @ 18% interest from 1.11.2001 till 15.1.2004 He eventually claimed Rs.3,75,194/- as on 12.5.2004 Learned Single Judge disposed of this execution petition on finding that the total award amount was Rs.6,53,800/- on which 14% simple interest was awarded from 2.6.1997 till date of payment. The respondent deposited an amount of Rs.10,58,066/- (principal amount plus interest but only till 1.11.2001) on 24.8.2002.
7. The learned Single Judge accordingly held that the respondent (JD) was required to pay simple interest @ 14% per annum on principal amount of Rs.6,53,800/- up to 24.8.2002 when this amount was deposited by respondent and which totaled Rs.74,217/-. He accordingly ordered payment of this amount with 14% interest till the date of payment which was accepted by respondent (JD).
8. It was held:-
Therefore, not only the additional amount of Rs.74,217/''- shall be paid by the judgment debtor to the decree holder but simple interest @ 14% p.a. on the said amount shall also be calculated till the date of payment. Since the entire decretal amount with interest at 14% p.a. up to 1st November 2001 was deposited in this court on 24th August 2002, Therefore, except for the amount being 14% p.a. simple interest on the decretal amount for the period from 2nd November 2001 to 24th August 2002, nothing more should be payable by the judgment debtor. Judgment debtor states that the amount would be paid to the decree holder within three weeks.
9. Appellant assails this order on the ground that 14% simple interest was payable on the award amount of Rs.10,58,066/- from the date of additional award i.e. 11.6.2001 till the date of payment. It is submitted by appellant appearing in person that a deposit in the court to avoid execution could not be said to be a payment to the decree-holder towards the satisfaction of the decree and, Therefore, appellant was entitled to payment of interest till receipt of the payment by him.
10. It appears to us that appellant was making his own calculation on the interest amount. There is no dispute that the principal awarded amount was Rs.6,53,800/- and that with 14% pre-suit interest also it came to Rs.10,58,066/- vide Additional Award dated 2.6.1997. It is also admitted that this amount was deposited in the court on 24.8.2002 but the interest on this amount was calculated only up to 1.11.2001, Therefore, the executing court was justified in determining the interest component from 1.11.2001 to the date of deposit i.e. 24.8.2002 along with 14% interest on this amount.
11. We find nothing wrong in this determination or the approach adopted by the Executing Court and also no merit in this appeal. The appeal is dismissed.
