1. This first appeal under Section 96 of the Code of Civil Procedure, 1908 (CPC) impugns a decree dated 30th May, 2015 of the Court of the Additional District Judge (ADJ)-03 (Central), Tis Hazari Courts, Delhi for recovery of Rs.4,79,371/- along with interest at 12% per annum from the date of filing of the suit i.e. from 13th October, 2014 till realisation in Suit No.290/2014 under Order 37 of the CPC filed by the respondent, for recovery of Rs.5,49,678/- with pendente lite and future interest @ 24% per annum, as a consequence of dismissal of the application filed by the appellant for leave to defend.

2. Notice of the appeal was issued and subject to the appellant depositing a sum of Rs.3,18,183/- with this Court and which is reported to have been deposited, execution stayed. Vide subsequent order dated 22nd February, 2016 the Trial Court record was requisitioned, the ad interim order made absolute and the appeal admitted for hearing and considering the fact that in the event of the appeal being allowed the matter will have to be remanded the appeal posted for hearing on 11th May, 2016.

3. The counsels were heard on 11th May, 2016. However certain proposals for settlement w