2007 (3) TMI 387

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.... Rajiv K. Garg, Ashish Garg and Annam D.N. Rao for the Respondent. JUDGMENT Dr. Arijit Pasayat, J. - Leave granted. 2. Challenge in this appeal is to the order passed by the Division Bench of the Punjab and Haryana High Court allowing the writ petition filed by the respondent. 3. The background facts which are almost undisputed are as follows:- The appellant-bank filed a recovery pe....

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....ok the view that there was non-compliance with the terms of the compromise/settlement, therefore, the appellant-bank was entitled to recover the entire decreetal amount. 4. A writ petition was filed before the High Court indicating the difficulties on account of which the payments could not be made in time. The High Court took note of the fact though there was some default on the part of the re....

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....he appellant-bank submit-ted that the High Court has.... that the first instalment was made in time. Additionally, when the amounts had not been paid according to the fixed schedule the default clause operated and the High Court could not have come to the aid of a defaulter. 7. Learned counsel for the respondent submitted that High Court took note of all the relevant factors the bona fides of t....

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....k 4. 25-4-2004 Rs. 3,80,000 Cash deposited with the Respondent bank 5. 12-7-2004 Rs. 5,00,000 Vide bank draft deposited with the recovery officer.   Total Rs. 10,00,000             8. Additionally we find that the respondent had paid Rs. 45,000 as interest for the defaulted period. Interestingly, pursuant to the direc....