CENTRAL BANK OF INDIA Vs. RAKESH CHEMICAL INDUSTRIES

JUDGEMENT

(1.) This is a suit for recovery of Rs.2,60,303.90 with costs and future interest 16.5% p.a. with quarterly rests from the date of the institution of the suit till the date of its realisation.

(2.) The facts of the case briefly stated are that the plaintiff is a Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, having its Central Office at Chander Mukhi, Nariman Point, Bombay and a Branch amongst others at Naya Bazar, Delhi-110006. Shri Chandra Dev Kashyap is the Assistant Regional Manager and General Attorney (North) of the plaintiff Bank. He is duly authorised to sign and verify the present plaint and to institute the present suit In this regard he holds the power of attorney from the Plaintiff Bank.

(3.) As per averments made in the plaint, the defendant No.2 who is the proprietor of defendant No.l opened a Current A/c. bearing No. 3380 with the Plaintiff Bank in the name of defendant No.l. At the request of the defendants 1 and 2, me facility of overdraft was granted by the plaintiff Bank and the said defendants availed this facility by drawing the following cheques favouring one M/s.R.M. Enterprises. <FRM>JUDGEMENT_157_AD(DEL)4_1993Html1.htm</FRM> It is further stated in the plaint that despite repeated requests and reminders defendants 1 and 2 have failed to pay/adjust the outstanding dues of the plaintiff.