PUNJAB NATIONAL BANK Vs. KUSUM SAXENA

JUDGEMENT

(1.) The plaintiff has filed the present suit against the defendants for recovery of a sum of Rs. 1,02,534.60 along with interest @ 12% per annum with costs.

(2.) The plaintiff is a body corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act No. 5 of 1970, having its Head Office at 5, Parliament Street, New Delhi and one of its branches at Jhandewalan Extension, Ram Tirath Nagar, New Delhi, Shri H.C. Haquir is the Principal officer and manager of the plaintiff Bank, working at its branch at Jhandewalan Extension, Ram Tirath Nagar New Delhi and is conversant with the facts of the case. He is authorised by a general power of attorney to sign and verify pleadings, to institute suits and also to do all other things necessary for the prosecution of the case.

(3.) Defendant No. 1 is the sole proprietor of defendant no. 2 and is carrying on the business of printing in the name and style of M/s. Gandharva Printers and has its factory at Shed no. 111, Okhla Phase-II Okhla Industrial Estate, New Delhi and its office at 9-A, Babar Road, New Delhi. Defendant no. 1 is the principal borrower for herself and defendant no. 2 and defendant no. 3 is the guarantor who has guaranteed the repayment of the loans advanced to defendants 1 and 2. Defendant no. 1 approached the plaintiff Bank for grant of financial assistance in April 1976 and requested for a Term Loan facility for purchase of printing machinery, typewriter etc. against the hypothecation of the said printing machinery typewriter etc. Defendant no. 1 also requested at the same time for Cash Credit facility against the security of their stocks of paper which were to be hypothecated by them with the plaintiff Bank.