BALWANTRAI CHHABILDAS MEHTA Vs. STATE BANK OF SAURASHTRA

JUDGEMENT

(1.) This is plaintiff's Second Appeal.

(2.) The brief facts giving rise to this Appeal are as under:

(3.) The plaintiff-appellant is sole proprietor of the concern named as M/s National Electro Mechanical Co., Rajkot. The respondent-defendant granted cash credit facility to the plaintiff-appellant for Rs. 80,000/- in respect of accounts opened by the appellant in security of cash credit facility. The Bank-defendant wanted certain goods to be pledged by the plaintiff-appellant with the defendant-Bank as security. Accordingly, the plaintiff pledged goods viz., copper wire, strips, stamping ball, bearing, leather rell, electric meter etc. A deed of pledge was also executed and cash credit facilities were utilised by the appellant and demand promissory note was also executed on 10.8.1966 by the appellant in favour of the respondent. The defendant-respondent filed Special Suit No. 40 of 1969 against the plaintiff-appellant for the recovery of amount due to his account. During the pendency of the suit, the plaintiff-appellant of this appeal on 6.5.1970 and 12.5.1970 paid the entire outstanding balance due against him and the defendant had returned the pledged goods to the plaintiff except 319 kgs of copper strips entrusted with the defendant-Bank. Since this quantity of copperstrips was not returned to the plaintiff the suit for recovery of this quantity of copper strips and in the alternative to pay its market price with interest was filed.