ORDER

S.N. Aggarwal, President - This order will dispose of Appeal No. 434 of 2004 (State Bank of India v. Mithan Lal Kalra Rice and General Mills) and Appeal No. 435 of 2004 (State Bank of India v. Evershine Solvex Pvt. Ltd.) as questions oflaw and facts involved in both the appeals are the same. For the sake of convenience, facts are taken from Appeal No. 434 of 2004 and the parties would be referred by their status in this appeal.

2. The respondents availed the cash credit limit from the appellants to the tune of Rs. 70 lacs and opened account No. 01559/075040. An amount of Rs. 55,53,839 was outstanding against the respondents against this account. The talks of settlement took between the parties and the respondents agreed to make the payment of Rs. 60 lacs in full and final settlement of the claim of the appellants under this account. The respondents had made the offer vide their letter dated 15.2.2001 which was accepted by the appellants in their meeting held on 3.3.2001. This amount of Rs. 60 lacs was to be deposited by the respondent with the appellants within one month from the date of approval of the offer on 3.3.2001 i.e. upto 4.4.2001.

3. The respondents could not deposit t