ORIENTAL BANK OF COMMERCE Vs. MOHAN GUPTA

JUDGEMENT

(1.) SUIT No.550/1994 filed by the appellant against the respondent was under Order 34 of the Code of Civil Procedure.

(2.) THE prayer made in the suit was to pass a preliminary decree in sum of Rs.18,26,014.22 with pendente lite and future interest @ 19.5% per annum with quarterly rest and upon failure to pay the decretal amount within the time stipulated, to sell the mortgaged property.

(3.) GIVING details of the fictitious accounts opened, amounts, deposited and surreptitiously withdrawn, it was averred that the defendant purchased Plot No.230, Block M, Bodella Residential Scheme and for which he was advanced a loan to purchase the land and effect construction thereon and that the said loan transaction was secured by way of equitable mortgage created by the defendant in favour of the bank.