CANARA BANK Vs. AMINEX CHEMICALS LIMITED

JUDGEMENT

(1.) BY the present Suit, the Plaintiffs have prayed for an order and decree against the Defendant to pay to the Plaintiffs a sum of Rs.6,05,252.89 with further interest thereon at the rate of 18.36% per annum compounded quarterly or at such other rate as this Court deem fit and proper from the date of filing of the Suit till payment and/or realisation. After the Writ of Summons was served on the Defendant, Advocate Shri A.J. Bijlani had filed his appearance for the Defendant. However, since no written statement is filed by the Defendant, the Suit was transferred to the list of undefended Suits and has appeared for passing of an ex-parte decree.

(2.) SHRI Kiran Kalekar, Manager / Officer and Power of Attorney Holder of the Plaintiffs has filed the Affidavit of Evidence dated 16th March 2011 along with compilation of Documents. The original Power of Attorney is produced before this Court. A photostat copy of the same is also tendered before this Court. After comparing the two, the original Power of Attorney is returned to the Plaintiffs. The photostat copy is taken on record and marked Exhibit 'P1'.

(3.) THE Defendant at the meeting of the Board of Directors held on 3rd April 1989 appointed the Plaintiffs as bankers of the Defendant and passed the following resolution :-