KHURSID AHMED Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This petition is directed against the order dated 30.3.1989 of the Executing Court whereby the property mortgaged with the Bank was ordered to be put to sale.

(2.) At the time of motion hearing, it was submitted on behalf of the judgment- debtor that he has already paid in advance up to January,1990 and therefore, there was no occasion for passing the impugned order directing the sale of the property. Consequently, the petition was admitted and further proceedings were stayed.

(3.) The learned counsel for the petitioner has submitted that though there was a default in payment of an instalment of Rs. 50,000/- as per agreement, but alter on the arrears were paid and not only that even advance instalments were paid. Moreover, he argued that there was no clause in the compromise decree that in case there was any default the property mortgaged would be auctioned. Thus, argued the learned counsel, in these circumstances, the impugned order is liable to be set aside. On the other hand, the learned counsel for the respondent-bank submitted that the instalments of Rs. 50,000/-, were to be paid along with interest and since no interest was paid which, according to the leanred counsel, amounted to much more than rupees 50,000/- there was default on the part of the judgment-debtor and, therefore, the impugned order was rightly passed.