MANOJ KUMAR SINGHAL Vs. BANK OF INDIA FIROZABAD

JUDGEMENT

(1.) T. P. Garg, J. Both the aforesaid First Appeal From Order No. 419 of 1995 and Civil Revision No. 325 of 1995 have been filed against the order dated 8-2-1995 passed by Sri Prem Chandra, Civil Judge, Firozabad. We, therefore, propose to dis pose of both by this common judgment.

(2.) BRIEFLY, the facts of the case are as under: In May, 1992 Bank of India through its Branch Manager, Firozabad, filed a suit being Civil Suit No. 63 for the recovery of Rs. 80,22,381. 43 against Manoj Kumar Singhal and others, defendants appellants, and respondent Nos. 2 to 12. The plaintiff Bank sanctioned cash credit limits in favour of the defendants for various amounts from time to time. Initially, the cash credit (hypothecation of stock) limit was sanc tioned for a sum of Rs. 24,00,000. Thereafter, a limit to the tune of Rs. 20,00,000 was sanctioned for the purchase of bills, a sum of Rs. 5,00,000 for D. P. limit and a sum of Rs. 30,00,000 for inland letter credit were sanctioned. The defendants executed various documents including Demand Promissory Notes and agreement of hypothecation in favour of the Bank for the aforesaid credit limits/advances on 30-5-1990. The defendants also mortgaged various movable and immovable properties in favour of the Bank as shown in the list filed along with the plaint. The defendants appellants did not make payment towards the outstanding dues and hence the suit for recovery of Rs. 80,22,381. 43.

(3.) MANOJ Kumar Singhal and Rameshwar Prasad Sharma, two of the defen dants, have filed an appeal against the aforesaid order so far as pertains to grant of temporary injunction restraining them from transferring or alienating the properties shown in the Schedule. The plaintiff-Bank has, however, preferred a Civil Revision against the impugned order so far as it pertains to the rejection of its application under Order XXXVIII, Rule 5, C. P. C.