It is contended that the Act does not apply to the scaling down of debts which have ripened into decrees after the commencement of the Act. I can find no support in the Act for this contention. The definition of “Debt” specifically includes a decree debt and it seems to me clear that a decree debt is nonetheless a debt because it does not fall within the category for which special provision is made in S. 19.
I do not think that the petitioner is entitled to deduct the account debited for interest at a time when the account was still running with fluctuating balance. When the account closed there was a definite amount of Rs. 1,874-7-0 due and this must be treated as the principal amount and plaintiffs will be entitled to interest thereon at 6¼ per cent from 1st October, 1937 and the decree will be scaled down accordingly.
Leave refused.
Order accordingly.
N.R.R