CITIBANK N A Vs. BRAKE LININGS LTD

JUDGEMENT

(1.) The decree-holder (Citibank N.A., Jeevan Vihar Building, New Delhi brought a suit for recovery of Rs. 16,57,277.00 with future interest thereon of the rate of 16 1/2 per cent per annum from the date of the suit till the date of decree and thereafter on the decretal amount till repayment.

(2.) The suit was brought on 28th September 1977. A compromise was arrived at between the parties on October 13, 1977. On the basis of that compromise the suit was decreed. However, it was provided that in case the Judgment-debtors paid a sum of Rs. 12,50,000.00 (Rupees Twelve Lakhs and fifty thousand only) with interest at the rate of 12 1/2 per cent per annum on the said amount by monthly instalments of Rs. 25,0001- each, the entire decree could stand satisfied and that thus judgment-debtors would get a remission of Rs. 4,57,277.00 as also of the costs of the suit.

(3.) The Judgment-debtors paid a sum of Rs. 11,75,000.00 but did not pay the balance amount. Therefore, the C decree-holder brought an execution application on 16th February, 1982. That execution application was registered as Ex. No. 36182.