STATE BANK OF PATIALA Vs. SUPREME BULB INDUSTRIES

JUDGEMENT

(1.) This case is item No. 22 on the 'Regular Board' of this Court since 3.1.2011 and today it is effective No. 1. No one is appearing for the parties and hence after going through the record I am disposing of the appeal.

(2.) The challenge by means of the present regular first appeal is to the impugned judgment and decree dated 18.7.2000 whereby the suit of the Appellant bank was dismissed on the ground that the same is barred by time although, the Appellant bank had otherwise proved the grant of loan, execution of the documents, creation of equitable mortgage and so on.

(3.) The only reason why the trial court dismissed the suit was that the suit was time barred because it was filed on 17.8.1988 whereas the loan was taken on 2.9.1983. It has been held that the acknowledgement of debt is dated 22.10.1986 i.e., 3 years after the original grant of loan and therefore, the same has no effect inasmuch as acknowledgment of debt has to be within a period of limitation which expired on 1.9.1986.