AMARJEET JOLLY & ANR Vs. CORPORATION BANK

Supreme Court of India (Division Bench (DB)- Two Judge)

Appeal (Civil), 2469 of 2016, Judgment Date: Mar 03, 2016

                                                            NON-REPORTABLE

                        IN THE SUPREME COURT OF INDIA
                        CIVIL APPELLATE JURISDICTION

                        CIVIL APPEAL NO. 2469 OF 2016
              [@ SPECIAL LEAVE PETITION (C) NO. 17899 OF 2012]

AMARJEET JOLLY & ANR                                          Appellant(s)

                                VERSUS

CORPORATION BANK                                             Respondent(s)

                               J U D G M E N T

KURIAN, J.
1.    Leave granted.
2.    The appellants have come  up  before  this  Court,  aggrieved  by  the
Judgment dated 13.02.2012 passed by the High Court of Delhi in  RFA  No.  82
of 2001.
3.    As per the Judgment under appeal, the  suit  filed  by  the  Bank  was
decreed for recovery of US $ 18576.91 with interest at  the  rate  of  16.5%
per annum with costs of Rs. 25,000/- for the appellants.
4.    The appeal was being argued before this Court for  some  time  and  on
01.02.2016, an offer was made by the  appellants  that  they  would  pay  an
amount of US $12,000 with the applicable exchange  rate  as  on  01.01.1988,
together with interest at  the  rate  of  9%  per  annum.   That  offer  was
reportedly not acceptable to the Bank.
5.    The Bank, in turn, on 19.02.2016, has given a  counter  offer  whereby
the Bank is prepared to settle the whole dispute by  accepting  the  decreed
amount of US $18576.91 with interest at  the  rate  of  9%  per  annum  with
effect from the  date  of  the  suit  namely,  17.07.1989.   This  offer  is
acceptable to the appellants.
6.    Therefore, this appeal is disposed  of,  as  agreed  to  by  both  the
sides, as per the following terms :-
 i)   The appellants shall pay US $ 18576.91 at the conversion rate  of  Rs.
15.60 per Dollar with 9% interest from 17.07.1989.
ii)   The amount shall  be  deposited  with  the  respondent-Bank  within  a
period of 9 months from today.
iii)  Needless to say that the liability to pay the interest  will  continue
till the amounts are deposited.
iv)   In case the amounts are not deposited as above,  this  Judgment  shall
stand automatically recalled and the appeal shall stand dismissed.
                                                   .......................J.
                                                        [ KURIAN JOSEPH ]


                                                   .......................J.
                                                [ ROHINTON FALI NARIMAN ]

      New Delhi;
      March 03, 2016.