SYNDICATE BANK Vs. SUDHIR SURGICALS AND ALLIED INDUSTRIES

JUDGEMENT

(1.) This appeal is preferred against the judgment and decree dt. 26-2-1982 passed by the learned I Addl. City Civil Judge, Civil Station, Bangalore in O.S. No. 2023/1980 (old No. O.S. 204/77). The appellant is the plaintiff and the respondents 1 to 4 are defendant Nos. 1 to 4 before the trial Court. In this judgment, the appellant will be referred to as the plaintiff and the respondents as defendants.

(2.) The appellant filed the aforesaid suit for recovery of the following sums: i) Rs. 81,897/- with interest at 16% per annum; ii) Rs. 69,714-13 with interest at 16% per annum; and iii) Rs.18, 579-55 with interest at 18 1/2% per annum from the date of suit till decree and future interest at contract rate from the date of decree till realisation with full court costs. The plaintiff also prayed for the sale of hypothecated goods described in Schedules A and B for the realisation of the decretal dues and in the event, the sale proceeds of the hypothecated goods are found insufficient to satisfy the decretal dues, the plaintiff sought for personal decree against the defendants jointly and severally.

(3.) The case of the plaintiff was that defendant 1 was a partnership firm; defendants 2 and 3 were the partners and defendant 4 was the purchaser of the lst defendant-partnership of all its assets including the goodwill. The further case of the plaintiff was that the defendants 2 and 3, as partners of the first defendant firm availed 3 facilities from the plaintiff-bank: (1) a sum of Rs. 50,000/- (OSL.58/74) by hypothecating the properties as mentioned in the hypothecation deed dt. 23-11-1974; (2) Overdraft facility to the extent of Rs. 20,000 / - under SOD.25 on 23-11-1974 by executing a pronote for Rs. 20,000/- on 23-11-1974; (3) A sum of Rs.18, 579-55 was also due under temporary overdraft facility availed from 19-10-1974. Thus, the sums due under all these heads were claimed which were to the tune of Rs. 8,897 / -; Rs. 69,714-13 and Rs. 18,579-55 respectively.