INDIAN BANK Vs. AJAY INDIA

JUDGEMENT

(1.) THIS appeal is against order dated 30.6.1999 passed by DRT, Delhi in O.A. No. 67/95, Indian Bank v. Ajay India and Ors.

(2.) By the impugned order, a final order has been passed in the aforesaid O.A. and adecree of Rs. 35,57,268.94 has been passed. However, in the circumstances mentioned in affidavits filed before the Tribunal, pendente life interest has been waived and future interest has been awarded @ 12% p.a. till realization of the entire amount. By the impugned order, it has been directed that the decretal amount shall be paid in 16 equal quarterly instalments and in the event of failure on the part of the defendants, the entire amount shall become payable immediately along with contractual rate of interest. According to the impugned final order, the instalments shall commence from 1.9.1999. The appellant Bank is aggrieved with the impugned order and the same has been challenged on the following three points, namely--

(3.) MR. M.C. Kochhar, Counsel for the appellant Bank submitted his arguments and led to the records of the Tribunal below. From what he submitted, there is no ground to disbelieve that the respondents, after paying the first instalment, failed to pay the subsequent instalments. Therefore, one thing is clear that even if the order granting payment of the decretal amount in 16 instalments is maintained, the whole amount has become due at once in view of the impugned order itself as the respondents failed to pay the decretal amount as per the instalments directed by the Tribunal below. Therefore, when the entire amount has become due for realization in lumpsum, I see no reason to interfere with the wisdom of the learned Presiding Officer of the Tribunal below in granting instalments. The appellants can straightaway proceed to recover the entire decretal amount.