C. BALASUNDARAM Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) THIS appeal is against the dismissal of an application under Section 20 of Act IV of 1938.

(2.) THE appellant had borrowed moneys from the Indian Overseas Bank, who is the respondent in this appeal, and he wanted to take advantage of the amendment brought in by Act 8 of 1973 to Act IV of 1938. As the debt had been incurred prior to 1 -3 -1972, the appellant wants the decree, which has been passed in favour of Indian Overseas Bank, to be scaled down. Before applying for scaling down, he applied under Section 20 of the Act to stay the execution proceedings. The court below has held that the appellant is not so entitled to have the execution stayed, as the provisions of the Act are not applicable to debts due to the Bank. The correctness of this view is questioned in this appeal.