CANARA BANK Vs. MACADAM CONSTRUCTION CO

JUDGEMENT

(1.) This is a suit for recovery of a sum of Rs.2,95,957.20 together with pendente lite and future interest @ 18% p.a. with quarterly rests.

(2.) The facts of the case briefly stated are that the plaintiff is a Banking Company constituted under the Banking Companies (Transfer and Acquisition of undertakings) Act, 1970 with its Head Office at Bangalore in the State of Karnataka and its branches spread all over India. Shri Devinder Kumar Manchanda is the Principal Officer and Manager of a Branch of the plaintiff Bank situated at Mehrauli, New Delhi. 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.) The present suit relates to what was previously known as Lakshmi Commercial Bank Limited. In pursuance of Central Government notification dated 23rd August, 1985 issued under Section 45(7) of me Banking Regulation Act, 1949 the entire undertaking of me Lakshmi Commercial Bank Limited was transferred and vested in the Canara Bank (plaintiff) as the corresponding new Bank for the Lakshmi Commercial Bank as specified in the said notification w.e.f. 24.8.85.