PROFIT FASHIONS Vs. CANARA BANK

JUDGEMENT

(1.) No ground for interference. Dismissed. However, on compassionate grounds the petitioners are allowed to make payment of the decretal amount in monthly instalments of Rs. 1200/- along with interest at the rate of 18-1/2 per cent. In addition thereto, interest on the outstanding amount would also be payable every month. The rate of interest has been brought down by me on the basis of agreement between the parties, the clause of which has been read out in the Court and it was agreed to even by the counsel for the Bank. The first instalment would be paid on or before 15th June, 1990. It goes without saying that on the payment of each and every instalment, the interest would go down in view of payment of principal amount every month. The principal amount with interest as it stands on 15th June, 1990 would be determined in one sitting between the petitioner and the bank authorities. In case of default of two consecutive instalments, the entire amount would become payment.