PUNJAB WOOLLEN TEXTILES FIRM Vs. BANK OF INDIA

JUDGEMENT

(1.) The vexed question whether S. 74 of the Contract Act applies to a decree or a compromise decree passed by a competent Court, is one of the primary controversies that comes to the fore in this petition under S. 115, C.P.C. It is directed against the order of the executing Court dated 29/05/1990, whereby the petitionerjudgment-debtors' application under O. 21, R. 2, C.P.C. for certifying or recording the full and final satisfaction of the decree passed against them has been dismissed. To appreciate the contentions raised by the learned counsel for the parties the following undisputed facts need only be noticed here.

(2.) The respondent Bank filed a suit against the petitioner claiming the following reliefs :-

(3.) Since the petitioners failed to carry out the terms of the decree, the respondent Bank filed an execution petition. During the pendency of these proceedings the petitioners filed the present application claiming that they had already paid the decretal amount though subsequent to 31/12/1979, therefore, the decree stood fully and finally satisfied. On a contest having been raised by the respondent Bank, the lower Court has dismissed this application for the reasons that :-