Disposed

The Hongkong and Shanghai Banking Corpn. Ltd. v. Canbank Financial Services Ltd.

Bombay HC21 Apr 2014S/885/1996

Case brief

AI extract

What is this about?

This order disposed of Suit No. 885 of 1996 upon an agreed settlement where the plaintiff could withdraw deposited funds upon paying costs to the defendant at a simple interest rate of 6% per annum from June 30, 2004.

What did the court decide?

Plaintiff allowed to withdraw deposited amount upon paying defendants costs of Rs. 61,00,265.50 with simple interest at 6% p.a. from 30th June 2004.

The Hongkong and Shanghai Banking Corpn. Ltd… — Civil Procedure and Limitation | Bombay HC (2014)

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2-S885-1996.DOC

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Ars

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUIT NO. 885 of 1996

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The Hongkong & Shanghai Banking Corpn. Ltd.…Plaintiffs
Versus

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Canbank Financial Services Ltd.…Defendants

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Mr. Gaurav Joshi, Senior Advocate, a/w Sanidha Vedpathak i/b M/s.
Maneksha & Sethna, for the Plaintiffs.

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Mr. Pradip Sancheti, Senior Advocate, a/w Shashank Trivedi i/b
M/s. Mulla & Mulla, for the Defendants.

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CORAM: G.S. PATEL, J DATED: 21st April 2014

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PC:-

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1.Heard learned senior counsels for the parties. It is agreed that
there is an amount of Rs.2,01,35,060.40 lying deposited with the
Prothonotary and Senior Master from 7th August 1998 pursuant to
an order dated 6th July 1998. This amount has also earned interest in
the time since its deposit. It is agreed that the plaintiffs shall be
entitled to withdraw this entire amount with accrued interest in full
satisfaction of their claim in suit.

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2.It is also been agreed that the plaintiffs have to pay to the
defendants a sum of Rs.61,00,265.50 as costs under a decree dated

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1 of 2

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2-S885-1996.DOC

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30th June 2004 passed by the Special Court in Suit no.11 of 2002.
The only question between the parties is as to the rate of interest, if
any, that this amount of costs should carry. Learned senior counsels
for the parties have left it to the Court to decide an appropriate rate of
interest. Given that the amount is toward costs, in my view simple
interest at the rate of 6% p.a. is sufficient to meet the interest of
justice. The costs shall be paid by the plaintiffs to the defendants with
simple interest at the specified rate of 6% pa from 30th June 2004 till
today within one week from today.

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3.Upon that amount and interest being paid, the plaintiffs shall
be entitled to apply for a withdrawal of the amount lying deposited
with the Prothonotary and Senior Master. On the plaintiffs applying
for a withdrawal of the amount deposited with the Prothonotary, the
Prothonotary shall, if necessary, prematurely encash the fixed deposit
in order to make that refund to the plaintiffs.

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4.With theses direction the suit is disposed of, with no order as
to costs. Refund of the Court fees as per the rules. Certified Copy of
this order expedited. All concerned to act on authenticated copy of
this order.

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(G. S. PATEL, J.)

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The Hongkong and Shanghai Banking Corpn. Ltd. v. Canbank Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

The Hongkong and Shanghai Banking Corpn. Ltd. v. Canbank Financial Services Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

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