Page 1

1

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

Page 2

2

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.