CANARA BANK Vs. VIKRAM BHARGAVA

JUDGEMENT

(1.) This is a suit for recovery of sum of Rs.l,77,031.64p together with pendente lite and future interest @ 18.5% p.a.

(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 of 1970 with its Head Office at Bangalore in the state of Karnataka and its branches spread all over India. As such it is entitled to sue and to be sued in its own name. Shri V. Ananda is the Principal Officer and Manager of a branch of the plaintiffr Bank situated at C-29, D.D.A, Shopping Complex, Defence Colony, New Delhi. He is duly authorised to sign and verify the present plaint and to institute the present suit and in. this, regard he holds a power of attorney from the Plaintiff Bank.

(3.) The present suit relates to what was previously known as the Lakshmi Commercial Bank Limited. In pursuance of Central Government Notification dated 23rd August, 1985 issued under Section 45(7) of the Banking Regulation Act, 1949by the Govenunent of India, the entire undertaking of the Lakshmi Commercial Bank limited was transferred and vested in the Canara Bank (plaintiff bank) as the corresponding new Bank for the Lakshmi Commercial Bank as specified in the said notification w.e.f. 24.8.85.