STATE BANK OF INDIA Vs. JAYRAM SITARAM PEDHAMKAR

JUDGEMENT

(1.) HEARD Advocates for the parties. Perused the records.

(2.) THE applicant challenges the order dated 8-12-1998, whereby the trial Court has allowed the applications filed by the respondents for setting aside the order of sale of machineries and shed as well as lifting of the attachments thereof and further to restrain the applicant from seeking to execute the decree of the trial Court by attachment and sale of the said machineries and the shed.

(3.) PURSUANT to failure on the part of the respondents to pay the loan amount which was borrowed from the applicant, Special Civil Suit No. 180 of 1993 came to be filed in the Court of Civil Judge, Senior Division, Ratnagiri, by the applicant against the respondents for the recovery of the said amount and the said suit was decreed by judgment and decree, dated 5-2-1996, and accordingly the respondents were directed to pay a sum of Rs. 2,22,895. 90 ps. to the applicant Bank with interest at the rate of 18% per annum on the principal amount of Rs. 1,25,000/- from the date of the suit till realisation of the entire amount. The respondents were also permitted to pay the decretal amount by way of instalments at the rate of Rs. 5,500/- per month on or before 10th of each month, commencing from April, 1996. Since the respondents did not pay the amount in terms of the decree, the applicant filed execution proceedings being Special Darkhast No. 37 of 1996. In the said proceedings, the property which was the subject matter of the hypothecation to secure the loan amount was attached and sought to be sold for recovery of the dues from the respondents. The property so attached was the tin shed and the machineries comprising of (i) Bhagwati 13 x 18 autofeed thikness planner, (ii) 3 H. P. electric motor, (iii) Bhagwati surface planner, (iv) Extra 3 H. P. electric motor, (v) Carbide tipped saw-blade, (vi) Bhagwati heavy duty vertical spindle with motor, and (vii) Extra 2 H. P. motor. The respondents thereupon filed an application, dated 26-11-1998, claiming exemption from the attachment and sale of the said machineries and the tin shed on the basis of the provisions contained in section 60 (1) (b), (c) of the Code of Civil Procedure, 1908 (for short, C. P. C ). Though the said application was objected to by the applicant, the same was allowed by the impugned order passed by the Court below and hence the present revision application.