MUNIVENKATA SWAMY Vs. CHAM LUKKING PVT LTD

JUDGEMENT

(1.) These appeals by the borrower and the guarantors seek to lay a challenge to the Judgment & Order dated 20.03.2013, whereby the learned District Judge, Uttara Kannada, Karwar having favoured lenders Miscellaneous Case No.5/2008 filed under Sections 31(1) & 32 of the State Financial Corporation Act, 1951, has held them liable to pay a sum of Rs.8,75,63,691/- with current interest at the rate of 18.5% p.a. and another sum of Rs.1,85,74,890/- with interest at the rate of 21% from the date of petition, with post judgment interest at the reduced rate of 15% p.a.

(2.) After service of notice, the respondent lender i.e., Karnataka State Industrial Investment and Development Corporation Ltd., (hereafter 'KSIIDC') having entered appearance through its counsel resisted these appeals making submission in justification of the impugned Judgment and Order and the reasons on which they have been constructed. Learned Sr. Adv. Shri G.S. Khannur taking the Court through the LCR contends that, though the challenge lies both in law and facts, the Court below having considered the pleadings of the parties and the evidentiary material borne out from the records has entered the subject Judgment and Order and therefore, interference at the hands of this Court is not warranted, the arguable insignificant lacunae therein, notwithstanding.

(3.) Brief facts: