JUDGMENT - PENDSE M.L., J.:—The respondent bank instituted Suit No. 1747 of 1976 against the appellants on the Original Side of this Court for recovery of sum of Rs. 48,494.05 along with simple interest on the principal sum of Rs. 46,520.31 at the rate of 6% per annum from the date of the decree till realisation. On January 17, 1977 this Court passed a consent decree and the decretal amount as sought by the bank was made payable by instalments. The appellants were directed to pay the amount by monthly instalment of Rs. 1200/-, first of such instalment to be paid on or before February 10, 1977 and recurring instalments to be paid on or before tenth day of each succeeding month. The decree also provided that in the event of the appellants committing default of any three monthly instalments, the bank will be entitled to recover the entire decretal amount forthwith. The appellants committed default and on April 10, 1977 the bank served notice upon the appellants informing of the commission of three defaults and calling upon to pay the decretal dues forthwith. The appellants made some part payment. On June 27, 1977 the decree was sealed by the Registry of this Court.

2. On July 5, 1988

Click Here to Read the rest of this document