AVTAR SINGH Vs. BANK OF INDIA & ORS.

JUDGEMENT

(1.) Heard the learned Counsels for the parties and perused the record of the case.

(2.) The learned Counsel Mr Manish Shishodia appearing for the appellant-defendant-judgment-debtor submits that the appellant defendant Avtar Singh is ready and willing to square up the entire loan account of the respondent-plaintiff-Bank of India. The learned Counsel Mr. K.S. Nahar appearing for the respondent-plaintiff-Bank of India has produced before this Court a copy of the letter of Bank of India dated 15.11.2014 that (he total outstanding interest for 192 months on the principal amount of Rs. 2,01,516/- due against the appellant-defendant Avtar Singh is Rs. 1,93,455.00. Thus the total outstanding as on date is Rs. 3,94,971/-[ Rs. 2,01,516/- (Principal Amount) + Rs. 1,93,455.00 (Interest Amount)] due against the appellant-defendant Avtar Singh. The learned Counsel Mr. Manish Shishodia appearing for the appellant defendant submits that a sum of Rs. 2,02,500.00 has been deposited by the appellant-defendant before the Executing Court below. The learned Counsel further submits that subject to adjustment of this sum of Rs. 2,02,500.00, the appellant defendant-judgment debtor is ready and willing to deposit the remaining outstanding due and wants to square up his loan account with the respondent-plaintiff-decree-holder-Bank of India within a period of one month from today. The learned Counsel Mr. Manish Shishodia submits that subject to this deposit and clearance of the outstanding of the respondent-plaintiff-decree-holder-Bank of India, he has instruction not to press the Execution First Appeal against the execution of the decree on merits.

(3.) In response to the submissions made herein above by the learned Counsel Mr. Manish Shishodia appearing for the appellant-defendant-judgment debtor, the learned Counsel Mr. K.S. Nahar appearing for the respondent-plaintiff-decree holder does not have any objection, if the entire outstanding of the Bank is cleared off.