1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUIT NO.872 OF 1999 Oriental Bank of Commerce ...Plaintiffs Vs. SAR Trading Co. Pvt.Ltd & Ors. ...Defendants Ms. Rozmin Lakhani i/b. Shaunak Satpute for plaintiff Mr. Pradeep Bordavekar Director of Defendant Mr.Vilas Kamble, Sr. Manager CORAM: SMT.ROSHAN DALVI, J. DATED: 8 TH DECEMBER, 2008 P.C. 1. Mr.Vilas Kamble, Sr. Manager of the Plaintiff is present. Defendant No. 2 on behalf of Defendants 1,2 and 3 present. The parties have settled their dispute. The Defendant No.2 has stated to Court that he is prepared to pay off the entire balance amount to the Plaintiff Bank in installments. He accordingly submitted to a decree and for payment in respect of the balance amount and applied for installments. 2. The parties have verified that the balance amount is Rs.13,20,000 /- payable by the Defendant to the Plaintiff Bank as of today. The parties agreed that the said amount 2 shall carry interest @ 13.2% p.a as the P.L.R on the reducing balance in the account of the Defendant. The Defendant has submitted 2 letters/statements to Court stating that he is willing to pay the balance amount of Rs.13,20,000 /- within one year in installments of Rs.1,10,000 /- p.m. He has also agreed to pay the interest at the aforesaid rate on reducing balance. He has explained that, if he makes any default in the payments of the installments granted by Court, the Plaintiffs would be entitled to execute the decree, in which case the Plaintiffs will be entitled to attach his properties. He has accepted this position. 3. Hence, the following order:- 1) There shall be decree on admission made by the Defendant No.2 on behalf of all the Defendants in the Suit in a sum of Rs.8,69,455 /- with interest thereon @ 19.39% p.a from the date of the suit until realisation, in terms of prayer (a) of the plaint. 2) The suit is also decreed in terms of prayers (b), ( c ), (d) and (e). 3) However the parties have verified that the amount payable as of today under the Defendant's account 3 with the Plaintiffs is Rs.13,20,000/- with interest thereon at 13.2% pa as P.L.R on reducing balance. 4) The Defendant is allowed to pay off the aforesaid amount of Rs.13,20,000 /- by 12 equal monthly installments. Rs.1,10,000/- payable on or before 25th of every month commencing from December 2008. 5) If the Defendants pay off the aforesaid installments, the decree shall be marked fully satisfied. 6) If the Defendants make any default in payment of any of the installments, the decree on admission passed as aforesaid in terms of prayer (a) to (e) shall become effective. 7) The letter or statement signed by the Defendant No.2 on behalf of the Defendants confirmed by the Plaintiff's Advocate as well as Mr. Vilas Kamble, Sr. Manager of the Plaintiffs are taken on record and marked “X” . 8) The suit is disposed off accordingly. Refund, if any, as per rules. (SMT. ROSHAN DALVI, J.)