In Brief
A bank sued for recovery of US $18,576.91 in foreign currency and obtained a decree with 16.5% per annum interest. On appeal before the Supreme Court, the parties negotiated a settlement. The appellants initially offered to pay a lower amount with an older exchange rate, which the bank rejected. The bank countered by accepting the full decreed amount but at a reduced interest rate of 9% per annum. Both parties agreed to this settlement. The Court disposed of the appeal on these agreed terms, requiring payment within 9 months, with interest continuing to accrue until deposit, and automatic recall of the judgment if payment was not made.
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