IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.O.C.P. No.65 of 2006 Date of Decision:- 14.1.2008 State Bank of India ....Petitioner(s) through Mr.P.N.Arora, Advocate. vs. Lalit Bahri and others ....Respondent(s) through Mr.Baljinder Singh, Advocate. *** CORAM:-HON'BLE MR.JUSTICE SURYA KANT. *** 1) Whether Reporters of the local papers may be allowed to see the judgment? 2) To be referred to the Reporters or not? 3) Whether the judgment should be reported in the Digest? *** SURYA KANT, J. (ORAL) In terms of a compromise arrived at between the parties before the Lok Adalat, the respondents agreed to pay a sum of Rs.9,50,000/- to the petitioner-Bank with simple interest at Prime Landing Rate (P.L.R.). The respondents having failed to honour their undertaking, the present contempt proceedings have been initiated by the State Bank of India. There appears to be no dispute that before filing of this contempt petition, the respondents had made payment of Rs.1,40,000/- on 6.11.2004 and another payment of Rs.1,60,000/- on 11.11.2004. Thereafter, the respondents paid a sum of Rs.50,000 on 3.2.2007 followed by another payment of Rs.1,65,000/- on October 30, 2007. Today, the balance amount of Rs.4,35,000/- has also been paid by the respondents to learned counsel for the petitioner by way of nine C.O.C.P. No.65 of 2006 -2- demand drafts bearing Nos. 464408 dated 12.1.2008, 780268 and 780269 dated 10.1.2008, 780249, 546352, 546351, 780250 dated 9.1.2008 (each drawn at State Bank of India) and Nos. 893373 and 893374 dated 9.1.2008 (drawn at Punjab National Bank) each in the sum of Rs.49,000/-. The entire principal amount has, thus, been paid by the respondents. However, learned counsel for the petitioner contends and rightly so that the respondents are also liable to pay simple interest at the Prime Landing Rate (PLR). In view of the categoric stipulation in the compromise-deed, learned counsel for the respondents is unable to dispute the petitioner's claim for interest. He, however, submits that the respondents are in extreme financial hardship and need some reasonable time to discharge the interest liability. Keeping in view the fact that the entire principal amount has already been paid by the respondents, these proceedings are presently dropped and are disposed of with a clarificatory direction to the respondents that the arrears of simple interest as per PLR be also paid to the petitioner- Bank within a period of four months failing which the petitioner shall be entitled to get these proceedings revived. Disposed of. Rule discharged. January 14, 2008 ( SURYA KANT ) poonam JUDGE