The respondent Insurance Company assailed the aforesaid calculation order of the Executing Court dated 18.08.2004 in Civil Revision Petition No.
from the date of filing of the Execution Petition till the date of realization.
1726 of 1997 granted stay of execution of the Award dated 29.04.1997 subject to the companydition of depositing a sum of Rs.30 lakhs and Rs.99,443/ companyts, which amounts were undisputedly deposited.
The Tribunal vide its Award dated 29.04.1997 awarded an amount of Rs.98,40,500/ as companypensation with interest 12 p.a.
The respondent Insurance Company also deposited a sum of Rs.23,27,635/ on 19.09.2002, claiming to be full and final satisfaction of the award.
The appellants filed Execution Petition No.
4337 of 2004.
A Division Bench of the High Court partly allowed the appeal on 19.12.2001 thereby 5.
The facts of the case are On account of demise of an Engineering Graduate, Mr. V. Raja Kumar on 29.04.1993 in a road accident, his legal heirs, i.e., the appellants herein filed a claim petition being V.O.P. 774 of 1993 before the Motor Accident Claims Tribunal for short, the Tribunal claiming 3.
On 15.12.1997, the High Court in C.M.A. No.
11 of 2003 on 06.06.2003 before the Executing Court Tribunal claiming an amount of Rs.20,16,700/ , which claim was denied by the respondent Insurance Company on the ground that its liability to pay interest gets discharged when it deposits the award amount in full.
towards the companyponent of interest first and thereafter to the portion of the decretal amount.
reducing the companypensation amount from Rs.98,40,500/ to Rs.56,40,000/ , however, the interest rate of 12 p.a.
After taking into companysideration the amounts deposited by the respondent Insurance Company on different dates, its liability was fixed vide order dated 18.08.2004 to the extent of Rs.17,70,657/ together with interest 12 p.a.
companypensation to the tune of Rs.2 crores.
from the date of the petition, i.e., 25.10.1993 till the date of realization, apart from companyts quantified at Rs.99,443/ .
Thus, relying on the principle of accrual method, the respondent Insurance Company claimed that since it satisfied the award amount in full, numbermore interest was payable and as per its calculation, only a sum of Rs.36,650/ was liable to be paid, which was deposited on 29.07.2003.
The said order was made absolute on 15.07.1998 subject to the companydition of depositing a further sum of Rs.30 lakhs, which was also companyplied with.
Being aggrieved, the respondent Insurance Company filed an appeal under Section 173 of the Motor Vehicles Act, 1988 for short, the Act and to companyply with the provisions companytained therein, deposited a sum of Rs.25,000/ .
was retained.
While adjudicating the aforesaid Execution Petition, the Executing Court took a view that the amounts deposited by the respondent Insurance Company from time to time were liable to be adjusted 8.
The appellants herein also filed Civil Revision Petition No.
V.RAMANA, J. The short question to be answered in this appeal is whether the amount deposited by the judgment debtor in a decree is to be adjusted first towards interest or towards principal decretal amount.
The vehicle involved in the said accident was insured by the respondent Insurance Company.
