- (1.) Leave granted.
(2.) We have heard learned counsel on both sides.
(3.) This appeal by special leave arises from the order of the division bench of the High court of orissa dated 5/3/1990 made in OJC No. 500 of 1990. Admittedly, the respondent had taken a loan of a principal sum of Rs. 14.68 lakhs for construction of the hotel which was payable in 18 yearly instalments between 10/7/1984 and 10/1/1993. The respondent committed default in payment of the loan as contracted. Pursuant to the request, a rephasement was done in November 1989 directing them to pay the amount in 9 half-yearly instalments starting from January 1993 to January 1997 with interest on arrears defaulted amounting to Rs. 10. 64 lakhs which was to be paid according to the schedule mentioned below:;