DHANALAKSHMI BANK LTD Vs. K K JOSE

JUDGEMENT

(1.) Plaintiff in a suit for realisation of money is the appellant.

(2.) The suit O. S.595/81 before Sub Court, Ernakulam was filed by plaintiff for realisation of an amount of Rs.17,427.77 due from defendant under a key loan transaction. A promissory note was executed by defendant on 11-12-1978 for Rs. 12,000/- and an instrument of pledge of goods was also executed on the same day. The balance amount due was not paid in

(3.) Defendant admitted the execution of the promissory note and the instrument of pledge, but contended that he had not received any consideration for the promissory note and that the documents were executed at the instance of the bank officials. He contended that the key loan transaction was entered into at the time of closure of a gift Scheme sponsored by the plaintiff bank known as "Grihalakshmy Gift scheme" as part of plaintiff's deposit mobilisation scheme. The washing machine pledged with the bank under Ext. A2 did not belong to defendant and he had no responsibility of selling those machines and to discharge the amount covered by Ext. A1. Defendant disclaimed liability to pay any amount.