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Poona Construction Machinery & Products Pvt. Ltd. & Ors. v. Bch Electric Ltd.

Delhi HC5 Dec 2018RFA/684/2018

Case brief

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What is this about?

The Delhi High Court disposed of the appeal by directing a reduction in the post-decree interest rate from 18% to 11% per annum. This concession was conditional upon the appellants paying the decretal amount in two equal instalments within six months; failure to do so would result in loss of the concession and enforcement of the original rate.

What did the court decide?

Rate of interest reduced from 18% to 11% per annum simple, conditional upon payment of the decretum in two instalments within six months.

Poona Construction Machinery & Products Pvt… — Contract and Commercial Disputes | Delhi HC (2018)

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$~7

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- RFA 684/2018, CM No.33659/2018

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POONA CONSTRUCTION MACHINERY & PRODUCTS PVT LTD & ORS ..... Appellants Through: Mr. Vikram Saini with Ms. Chhaya Sharma, Advs. (Mobile No.9999021461).

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versus BCH ELECTRIC LTD ..... Respondent Through: Mr. Mukesh Ranjan, Adv. with Mr. Khagesh Kumar, AR (Mobile No.9555958165).

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CORAM: HON'BLE MR. JUSTICE VALMIKI J. MEHTA O R D E R % 05.12.2018

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In this appeal, a limited notice was issued with respect to

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reduction of rate of interest vide order dated 21.8.2018 and this order

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reads as under:-

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“ C.M. No.33661/2018(exemption)

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1. Exemption allowed subject to just exceptions. C.M. stands disposed of.

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+RFA No.684/2018 and C.M. Nos.33659/2018(stay) & 33660/2018(for condonation of delay)

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2. Counsel for the appellants presses this appeal only for reduction in high rate of interest granted by the impugned judgment.

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3. Limited to the aforesaid aspect, let notice be issued to the respondent, on filing of process fee, both in the ordinary method as well as by registered post AD, returnable on 5^th December, 2018.”

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As agreed, this appeal is disposed of by directing that the rate of interest granted by the Trial Court at 18% per annum would now become 11% per annum simple. Rest of the judgment as also the other rate of interest, which is pre suit interest, shall remain same.

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The aforesaid concession in the rate of interest is granted to the appellants, provided appellants comply with the impugned judgment and decree, as modified by today’s order, by making payment to the respondent/plaintiff within a period of six months from today in two equal instalments payable in three months each. In case, the amount is not paid within six months as stated above, then the concession in the rate of interest granted to the appellants will stand forfeited and the impugned judgment will stand as it is along with the rate of interest stated therein.

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The appeal along with pending aplications is, accordingly, disposed of.

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VALMIKI J. MEHTA, J

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DECEMBER 05, 2018 aruna

Poona Construction Machinery & Products Pvt. Ltd. & Ors. v. Bch Electric Ltd.

Case brief

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Poona Construction Machinery & Products Pvt. Ltd. & Ors. v. Bch Electric Ltd.

Case brief

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What the court decided

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