PUNJAB NATIONAL BANK Vs. GYARSILAL AND OTHERS

JUDGEMENT

(1.) This is a revision under Section 115 of the Civil Procedure Code by the applicant/Bank who is a decree holder against the order of Executing Court in the course of execution of money decree.

(2.) It is not in dispute that the decree in terms of compromise was passed in Civil Suit No. 5-B of 1982, by order of the trial Court passed on 4.11.1980. The relevant terms of the compromise decree with regard to the decretal amount and the interest are as under :-

(3.) The judgment-debtor in the course of execution of the compromise decree raised an objection that the interest at the rate of Rs. 11-1/2% per year should be held to be payable only on the principal sum of Rs. 4,80,395/- and not on the whole balance of Rs. 7,03,786.11 paise. The Executing Court upheld the objection of the non-applicants/judgment-debtors and by the impugned order held that the interest at the rate of Rs. 11-1/2 per cent was payable under Section 34 of the Civil Procedure Code and only on the principal loan amount of Rs. 4,80,895/-.