SYNDICATE BANK Vs. SPENCER AND BLACKSMITH

JUDGEMENT

(1.) This is a suit for recovery of Rs.1,25,182.57p togetherwithn pendente lite and future interest @ 16.5% p.a. from the date of institutionof the suit till realisation.

(2.) The facts of the case briefly stated are that the plaintiff is a nationalisedBank constituted under the Banking Companies (Acquisition and Transfer ofUndertakings) Act, 1970 having its Head Office at Manipal, Karnataka State andhaving one of its branches at East Patel Nagar, New Delhi. Mrs. Pran Bakshi isthe duly constituted attorney of the plaintiff-Bank and was the Branch Managerof the East Patel Nagar Branch of the plaintiff-Bank at the relevant time. She isduly authorised to sign and verify the present plaint and to institute the presentsuit. In this regard she holds the power of attorney from the plaintiff-Bank.

(3.) As per the averments made in the plaint, the defendant No.1, which is apartnership concern of defendants 2,3 and 4 was granted Over Draft Facility to thetune of Rs.1.00lac by the plaintiff-Bankon1.11.85 against hypothecation of stock.It is also stated in the plaint that the defendants, in consideration of the abovementioned facility, executed the following documents in favour of the plaintiff-Bankon 1/11/1985 :-