https://www.taxtmi.com/caselaws?id=275266 In the absence of an agreement on appropriation, a payment made in satisfaction of an award or decree is adjusted first towards interest and then towards principal. A debtor's unilateral statement that the deposit was towards principal does not displace this settled rule unless the creditor validly accepts that stipulation. Here, the creditor accepted the deposit without prejudice, so no implied consent or agreement arose. Sections 59 and 60 of the Indian Contract Act, 1872 were not attracted, and the enforceable award did not change the ordinary appropriation principle. The balance therefore remained recoverable after adjusting the payment towards interest. en-us Tue, 15 Nov 2011 00:00:00 +0530 Tue, 25 Sep 2018 16:48:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275266 In the absence of an agreement on appropriation, a payment made in satisfaction of an award or decree is adjusted first towards interest and then towards principal. A debtor's unilateral statement that the deposit was towards principal does not displace this settled rule unless the creditor validly accepts that stipulation. Here, the creditor accepted the deposit without prejudice, so no implied consent or agreement arose. Sections 59 and 60 of the Indian Contract Act, 1872 were not attracted, and the enforceable award did not change the ordinary appropriation principle. The balance therefore remained recoverable after adjusting the payment towards interest. Case-Laws Indian Laws Tue, 15 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275266