GOMTY RAGHWAN Vs. UCO BANK BRANCH KUSUMKATA

JUDGEMENT

(1.) This appeal is preferred under Section 96 of the Code of Civil Procedure, 1908 against the judgment/decree dated 31-7-2003 passed by the Additional District Judge, Balod (CG) in Civil Suit No.3-B/1999 wherein the said court decreed the suit fled by the respondent No.1 to the tune of Rs.2,07,263.65.

(2.) As per the plaint averment filed by the respondent No.1 /plaintiff, on 6-10-1981 respondent No.1 Bank had given term loan of amount Rs.1,38,000/- to the appellant for purchasing Hindustan Diesel Truck for which the appellant has to pay 48 monthly equal instalments of Rs.2,875/- from 31-12-1982 @ interest 12.50% per annum to be paid quarterly, in case of default of payment, penalty was to be paid @ 2% interest on the amount. Respondent No.2 stood as guarantor for the said term loan. For non-payment of loan amount, respondent No.1 Bank issued legal notice to the appellant, but the amount was not repaid that is why suit was filed before the trial court. After hearing the parties, the trial Court decreed the suit as mentioned above.

(3.) Learned counsel for the appellants would submit as under: