PUNJAB NATIONAL BANK Vs. G S INDUSTRIES INDIA

JUDGEMENT

(1.) This is a suit filed on behalf of the plaintiff-bank against thedefendants under Order 34 of the Code of Civil Procedure for recovery of Rs.5,59,314.26 with costs alongwith future and pendente lite interest @ 18% p.a. It hasalso been prayed in this suit that a preliminary decree for the aforesaid amount withcosts of the suit alongwith future and pendente lite interest @ 18% p.a. in favour ofthe plaintiff and against the defendants be passed and on non-payment of thedecretal amount in the Court or to the plaintiff-bank within the time fixed, a finaldecree for sale of mortgaged property bearing No. E-156, Shastri Nagar, Delhi-52be passed in favour of the plaintiff and against the defendant No. 4 for realisationof the suit amount.

(2.) On 1/02/1990 the suit came up for hearing and summons weredirected to be issued to the defendants for 10/05/1990. Alongwith the suit anapplication bearing IA No. 798/90 was also filed. Notice of this application wasalso issued for 10/05/1990 and meanwhile the defendant No. 1 was restrainedfrom disposing of, ienating, transferring, parting-with possession or encumbering the hypothecated machinery at the factory premises of defendant No. 1 at 20-A, S.P. Mukherjee Market, faiz Road, Karol Bagh, New Delhi and at Khasra No. 363and 342, Village Mangolpur Khurd, New Delhi. Defendant No. 1 was furtherrestrained from disposing of, alnating or transferring the hypothecated goodsexcepting in the normal course of the business.

(3.) Since the defendants failed to appear despite service, the defendants wereproceeded against ex-parte vide orders dated 23/01/1992. On that date, theplaintiff was also directed to file affidavits by way of evidence. Pursuant to the saidorder, the plaintiff has filed affidavit of Shri N.K. Garg, Sr. Manager, East PatelNagar Branch of the plaintiff-bank. All the averments and allegations made in theplaint have been proved by the said affidavit.