' MIAN SAQIB NISAR, J. - - -The appellant/ Bank brought a suit for recovery against the respondent under the provisions of Banking Tribunals Act, 1984 and an ex parte decree amounting to Rs.32,47,020 was passed on 3-4-1995; this decree was unsuccessfully challenged by the respondent through an appeal, and has lost the case up to the Honourable Supreme Court. During this period, the State Bank issued an incentive scheme. Respondent availed this scheme and by virtue of the settlement between the parties, through the State Bank, the agreement was executed, whereby the respondent was obliged to make the payment of 1.4 million in full and final satisfaction of the decree; this payment was to be made by the respondent till 30-6-1999. It may be pertinent to state here that in the meanwhile, the execution application of the appellant remained pending, when the appellant insisted for the execution of the decree to the extent of whole decretal amount, on the ground that the respondent, had failed to discharge his liability under the agreement by depositing the amount of 1.4 million till 30-6-1999. Respondent took up the position that the appellant has already withdrawn Rs.8,42,703 deposited with the Court under some earlier order whereas balance amount of Rs.5,57,297 was deposited by him on 4-1-2000, thus the total amount of 1.4 million stands paid. This plea of the respondent has been accepted by the learned Court below, hence this appeal.
2. Learned counsel for the appellant states that after having violated the terms of compromise by not making the payment till 30-6-1999, the respondent has become liable to pay the total decretal amount and the order of the learned Banking Court, contrary to the above, is bad in law.
3. We have heard learned counsel for the parties and find that the substantial amount of decree stood satisfied on account of deposit made by the respondent with the trial Court and withdrawn by the Bank, for the repayment of the balance amount of Rs.5,57,297; the respondent had applied to the Court for the release of one of his properties, which application was unnecessarily resisted by the appellant. If the respondent was permitted to sell the property, he could have easily made the balance payment within the stipulated time. However, keeping in view the principles of equity, we find it appropriate that the Bank shall be adequately compensated, if the costs of funds on the amount of Rs.5,57,297 is awarded to it from 30-6-1999 till it was deposited on 4-1-2000, at the rate notified by the State Bank in this behalf, to be calculated by the Banking Court. The Banking Court shall calculate the costs of funds after hearing both the parties, and direct the respondent for the deposit of a specific amount to be made within fifteen days of the order. In case such deposit is not made by the respondent, the entire decretal amount shall become due to the appellant.