Allowed

M/S Mita India Pvt. Ltd. v. Vivek Sagar Gupta

Delhi HC19 Oct 2016RSA/101/2016

Case brief

AI extract

What is this about?

The appeal was disposed of on consent. The interest rate on the decretal amount of Rs. 45,712 was reduced from 24% to 8% per annum for pre-suit, pendente lite, and future periods. The matter is subject to outstanding balance payment.

What did the court decide?

Interest on Rs.45,712 reduced from 24% to 8% per annum; balance to be paid within three months if deposit was insufficient.

M/S Mita India Pvt. Ltd. Vs Vivek Sagar Gupta — Contract and Commercial Disputes | Delhi HC (2016)

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$~11

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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RSA 101/2016 M/S MITA INDIA PVT LTD ..... Appellant Through: Mr. Vivekanand, Advocate.

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versus

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VIVEK SAGAR GUPTA ..... Respondent Through: Mr. T.A. Francis, Advocate.

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CORAM: HON'BLE MR. JUSTICE VALMIKI J. MEHTA O R D E R

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% 19.10.2016 1. During the course of arguments, counsel for the appellant

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sought a pass over to take instructions from the appellant/defendant for compromising the matter and Director of the appellant/defendant Sh. Kavinder Singh Anand has confirmed that matter can be compromised by reducing the rate of interest granted by the trial court at 24% per annum to 8% per annum simple on the principal amount of Rs.45,712/-. This is acceptable to the counsel for the respondent/plaintiff.

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Accordingly, this appeal will stand disposed of by upholding the judgments of the courts below except that the interest which is granted by the courts below at 24% per annum will stand reduced to 8% per annum

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on the principal amount of Rs.45,712/-. This rate of interest of 8% per annum will be for the pre-suit period, pendente lite period and till date.

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Appellant has deposited 50% of the decretal amount in this Court, and Registry after calculating the amount which would now be payable by the appellant/defendant to the respondent/plaintiff as per today’s order will release the amount as deposited in this Court to the extent as required by today’s order. If the amount deposited in this Court would be in excess of the amount payable to the respondent/plaintiff, then, the excess balance amount will be refunded to the appellant/defendant. In case, however, the amount deposited would be less than the amount payable by the appellant/defendant to the respondent/plaintiff as per today’s order, then, the balance amount will be paid by the appellant/defendant to the respondent/plaintiff within three months from today.

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Appeal is accordingly disposed of in terms of aforesaid consent order.

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VALMIKI J. MEHTA, J

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OCTOBER 19, 2016 Ne

M/S Mita India Pvt. Ltd. v. Vivek Sagar Gupta

Case brief

What is this about?

What did the court decide?

M/S Mita India Pvt. Ltd. v. Vivek Sagar Gupta

Case brief

What is this about?

What did the court decide?

What the court decided

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