Case Note & Summary
The Supreme Court of India addressed a matter concerning the transfer of funds in a civil dispute between the parties. The appellants, M/S Kalamani Tex and another, were directed by a previous judgment dated 10.02.2021 to transfer Rs.11,20,000 along with accrued interest to the respondent, P. Balasubramanian. However, an Office Report dated 23.02.2021 indicated that the amount was held in a non-interest earning account. Consequently, the Court convened on 24.02.2021 to reconsider the inclusion of interest in the transfer. The Court decided to delete the reference to accrued interest from the earlier judgment, emphasizing the need for the timely transfer of the principal amount. The Court ordered that the amount be transferred to the respondent within two weeks, thereby ensuring that the respondent received the funds without further delay. The Miscellaneous Application was disposed of in accordance with this directive.
Headnote
A) Civil Procedure - Transfer of Funds - Deletion of Interest Accrual - Supreme Court of India, 2021 - The Court directed the transfer of a specified amount to the respondent and deleted the inclusion of interest due to the funds being in a non-interest earning account. The decision was made to ensure prompt payment without further delay in light of the circumstances (Paras 1-2).
Issue of Consideration
Whether the accrued interest should be included in the transfer of funds to the respondent.
Final Decision
The Court ordered the transfer of Rs.11,20,000 to the respondent without interest, directing the Registry to complete the transfer within two weeks.
Law Points
- Transfer of funds
- interest accrual
- procedural directions
