ARJUN SAHAI Vs. PITAMBER DAS

JUDGEMENT

(1.) This is a defendant's special appeal arising out of a suit for the recovery of the entire amount due on a bond executed by the defendants on 20th September 1931. The bond was payable in 18 six monthly instalments which were to fall due in the months of Aghan and Jeth every year. The last instalment fell due on 19th June, 1940. The bond contained three stipulations as follows : 1. If any instalment was not paid then from the date of the default upto the date of payment of that instalment interest at annas eight per cent per mensem was payable on the amount of the instalment;

(2.) if there was any default in payment of two successive instalments the creditor was to have a right to realise the principal and the interest due on those two instalments which remained unpaid; and

(3.) if the creditor so desired he could realise the entire amount of the bond on default of payment of all the instalments.