AMARJEET JOLLY vs CORPORATION BANK

The Supreme Court upheld the High Court's decree for recovery of US $18576.91 with interest at 16.5% per annum, but subsequently accepted a settlement agreement between the parties. The appellants agreed to pay the decreed amount at a conversion rate of Rs. 15.60 per Dollar with 9% interest from 17.07.1989, to be deposited within 9 months. The Court held that failure to deposit the amount would result in automatic dismissal of the appeal.