2001 (9) TMI 1065

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.... had entered into a hire-purchase agreement whereby a sum of Rs. 36.50 lakhs was advanced by Fairgrowth to Apex Engineering for purchasing two wheel loaders from Tata Engineering and Locomotive Company Ltd. (TELCO). Agreeing to the terms of the agreement, Apex Engineering had to pay 36 equal quarterly instalments totalling Rs. 56.21 lakhs. The agreement further stipulated that in the event of defa....

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....ssed by that High Court a sum of Rs. 5 lakhs is stated to have been deposited by Apex Engineering with the Karnataka Bank in 1993. Finally in 1995, when the Special Court directed that all the monies deposited in the case instituted by Karnataka Bank should be sent to the Custodian, the amount which had been paid by Apex Engineering came to Rs. 19,35,601.43 p. It is to be seen that by 1994 in term....

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.... payable. The decree was passed for the said amount and decree also stated that the wheel loaders should be returned by Apex Engineering to Fairgrowth. 7. During the pendency of the appeal, interim orders were passed by this Court which required Apex Engineering to pay 25 per cent of the decretal amount as on the date of the appeal and for the balance amount the appellant was to give Bank guarant....