$~52
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ EX.P. 46/2023, EX.APPL.(OS) 136/2024, EX.APPL.(OS) 242/2024
VATECH CO LTD ..... Decree Holder
Through: Ms. Meenakshi Ogra, Mr. Tarun
Khurana, Mr. Samrat S. Kang, Ms.
Chhavi Paney, Mr. Rishi Vohra, Mr.
Devanshu Dedi, Advs.
versus
UNICORN DENMART LTD ..... Judgement Debtor
Through: Mr. Gunjan Kumar, Ms. Geetika
Matta, Advs.
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
O R D E R
% 29.02.2024
1. This is a petition seeking execution of the judgment and decree dated
04.08.2022 passed in CS(COMM) No. 857/2017.
2. The execution petition seeks recovery of principal amount of Rs.
2,77,26,742/- with pre-suit interest at the rate of 9% per annum and post suit
interest at the rate of 7%.
3. The parties have arrived at a settlement and the decree-holder has
handed over a chart pursuant to which payments are to be made. The same is
acceptable to the learned counsel for the judgment debtor.
4. The payment schedule is reproduced below:-
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Principal
Amount 2,77,26,742.00
Total
Interest as 1,78,69,754.52
on 27.02.2024
Litigation 26,40,131.00 4,80,74,888.10
SCHEDULE OF PAYMENT
O/S
OPENING UTILIZATION CLOSING TOTAL
Opening Opening Interestfrom Towards Towards Towards Balance Balance Closing Total
Interest
Date Payment Opening Outstandin Outstanding Total Principal Litigation Litigat Principal
lastpayment
Interest
g Interest Outstanding
ion
Principal Litigatlon Charges utstanding
Outstanding
on
Charg
Charges
Outstanding outstanding Amount
es
Prlnclpal
65,00,000 2,77,26,742 1,78,69,755 26,40,131 4,82,36,628 65,00,000 26,40,131 1,13,59,755 2,77,26,742 4,17,36,628
27.02.2024
65,00,000 2,77,26,742 1,13,69,755 26,40,131 1,61,739 4,18,98,367 65,00,000 26,40,131 50,31,494 2,77,26,742 3,53,98,367
27.03.2024
65,00,000 2,77,26,742 50,31,494 26,40,131 1,61,739 3,55,60,106 51,93,233 13,06,767 13,33,364 2,77,26,742 2,90,60,106
27.04.2024
65,00,000 2,77,26,742 13,33,364 1,61,739 2,92,21,846 50,04,896 1,61,739 13,33,364 2,27,21,846 2,27,21,846
27.05.2024
65,00,000 2,27,21,846 1,32,544 2,28,54,390 63,67,456 1,32,544 1,63,54,390 1,63,54,390
27.06.2024
65,00,000 1,63,54,390 95,401 1,64,49,790 64,04,599 95,401 99,49,790 99,49,790
27.07.2024
27.08:2024 65,00,000 99,49,790 58,040 1,00,07,831 64,41,960 58,040 35,07,831 35,07,831
35,28,293 35,07,831 20,462 35,28,293 35,07,831 20,462
27.09.2024
Total 4,90,28,293
5. The judgment debtor shall be bound to the above-reproduced payment
schedule.
6. However, the first instalment of 27.02.2024 shall be payable on or
before 10.03.2024.
7. The instalment for the month of March will be paid on 30.03.2024
and thereafter the schedule will be followed.
8. In addition, my attention has been drawn to a judgment of this court
titled “Voith Hydro Ltda & Ors. Vs. NTPC Limited” in O.M.P. (ENF.)
(COMM.) 64/2018, wherein this Court has held as under:
“33. In Islamic Investment Company v. Union of India and Anr.:
(supra), the Bombay High Court following the decision in All India
Reporter Ltd. v. Ramchandra D. Datar (supra) rejected the
contention that the Judgment Debtor (in that case, the Food
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Corporation of India) must be allowed to deduct TDS on the
interest payable to a non- resident. The Court observed that:
“when such amounts becomes part of a judgment-debt, they
lose their original character and assume the character of a
judgment debt. Once such an amount assumes the character of
judgment debt, the decree passed by the civil court must be
executed subject only to the deductions and adjustments
permissible under the Code of Civil Procedure.”
34. The Court further observed that there was no provision under
the Income Tax Act or under the Code of Civil Procedure, 1908
where an amount of interest payable under a decree would be
subject to TDS.”
9. For the said reasons, it is directed that the judgment debtor shall not
deduct any TDS on the judgment debt.
10. However, the judgment debtor shall deduct TDS on the amounts
permissible under the CPC.
11. The execution petition is disposed of.
JASMEET SINGH, J
FEBRUARY 29, 2024/DM
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This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
The Order is downloaded from the DHC Server on 11/03/2024 at 11:25:14