STATE BANK OF INDIA Vs. BEEKAY EXPORTS ETC

JUDGEMENT

(1.) Plaintiff Bank filed I.A. No. 9388/92 under Order 34, Rule 5 read with Section 151, Civil Procedure Code alleging that it had filed a suit under Order 34, Rules 4, 5 and 15, Civil Procedure Code seeking sale of the mortgaged properties to recover amount of Rs. 1,14,830/75 P. By the judgment dated March 11, 1991, a preliminary decree was passed for Rs. 1,14,830/75 P with costs and interest @ 17.5% per annum from the date of filing of the suit i.e. September 25, 1987 against the defendants. Defendants were granted six months' time to pay the decretal amount failing which plaintiff was entitled to apply for passing of a final decree for sale of the mortgaged properties. After the passing of the preliminary decree the defendants paid only Rs. 20,000/- on January 29, 1992. Since the 24 Banking Cases. 1999 defendants have failed to pay the entire decretal amount within the time granted by the Court a final decree for sale of the mortgaged properties may be passed. Affidavit of Smt. Swati B. Desai, Manager, I.B. Division, Chandni Chowk Branch of the plaintiff - Bank, from where the suit loan was advanced, had been filed alongwith the application.

(2.) Notice of the application was served on the defendants by publication in 'Statesman' dated February 4, 1997, but nobody put in appearance on their behalf.

(3.) There seems to be no reason to disbelieve the averment made in the application which is duly supported by the affidavit of Smt. Swati B. Desai that after the passing of the preliminary decree on March 11, 1991, defendants paid only a sum of Rs. 20,000/- on January 29, 1992. Since the entire amount for which the preliminary decree was passed, was not paid by the defendants within the time allowed, plaintiff -Bank has become entitled to a final decree.