SYNDICATE BANK Vs. M SIVARUDRAPPA

JUDGEMENT

(1.) THIS appeal is by the plaintiff challenging the Judgment and decree of the trial Court, passed in O. S. No. 1996/85 in so far as it relates to dismissal of the suit as against the defendant No. 2.

(2.) THE parties in this appeal are referred to as arrayed before the trial Court.

(3.) THE plaintiff filed the suit for recovery of money contending that the defendants personally, jointly and severally are liable to pay a sum of Rs. 1,28,114,40 ps. together with cost and interest thereon at the rate of 19. 5% p. a. compounded quarterly on the principal of Rs. 1,37,006. 95 ps. and for a final decree for sale of the mortgaged immovable property mentioned in the schedule, in the event if any default is committed. The trial Court decreed the suit as against the defendants 1 and 3 jointly and severally and dismissed the suit as against the 2nd defendant. The case of the plaintiff is that the plaintiff is a Banking company and has advanced a loan of Rs. 1,00,000/- on the request of the 1st defendant. The further case of the plaintiff is that the 2nd and the 3rd defendants are the sureties. It is further stated that the 2nd defendant has created a mortgage in respect of the property bearing Corporation No. 40 and Old No. 70 situated at Ratna Vilas Road, Basavanagudi, Bangalore-560 004 in respect of the loan advanced to defendant No. 1. The defendants 1 and 3 did not appear and therefore, they were placed ex parte before the trial Court. The 2nd defendant, during the pendency of the suit died leaving behind his wife and son as his legal representatives even before filing the written statement.