1. MIAN SAQIB NISAR, J. - In a suit for recovery, filed by the respondent/Bank, against the appellant, learned Banking Court, passed the judgment and decree dated 7.2.2001. Against the above, present R.F.A, has been filed.
2. Today, during the hearing of this appeal, appellant No. 2 and also learned counsel for the appellants, offered to pay the decretal amount and withdraw the appeal, but requests for the payment of such amount, through instalments, In this behalf, they have also given schedule as to how the instalments are to be made. Though, learned counsel for the respondent-Bank, has opposed the above offer and states that the property attached in execution of the afore-said decree, is going to put in auction, day after tomorrow and present offer in abortive attempt to frustrate the execution proceedings. Besides, even previously, the appellants have made certain offers, but they retracted from the same, therefore, the present request on behalf of the appellants, is not bona fide.
3. After hearing learned counsel for the parties, we find that the property put to auction prima facie seems to be of higher value and in the present circumstances, it may not fetch the proper price, therefore, to sell such property, would not be convenient to be either in the interest of the appellants or the Bank/respondent. However, the offer of the appellant in the circumstances, seems to be in the best interest of the Bank, as appellants are satisfying the judgment and decree in toto, thus while exercising our jurisdiction/powers under Section 15(2)(b) modify the decree of the Court below and direct the appellant to make the payment as offered by them, mentioned below.
2. (1)Rs.
3. 2,00,000/-On 15.11.2001 (2)Rs.
4. 1,50,000/-On 16.1.2002 (3)Rs.
5. 1,50,000/-On 17.3.2002 (4)Rs.
6. 1,50,000/-On 17.5.2002 (5)Rs.
7. 1,50,000/-On 17.7.2002 (6)Rs.
8. 1,50,000/-On 17.9.2002 (7)Rs.
9. 1,50,000/-On 17.11.2002 (8)Rs.
10. 1,50,000/-On 17.1.2003 The balance amount as per decree, shall be deposited on or before 17.3.2003. Ln case, there is default in the payment of any instalment, the Bank shall be free to realize the balance amount of decree, due through the auction of the property and' now attached, and sought to be auctioned, without objection/resistance from the appellants.