BANK OF MAHARASHTRA Vs. CHINTAMANI OIL INDUSTRIES WANI

JUDGEMENT

(1.) HEARD Mr. Lala, learned counsel, for the applicant/original plaintiff. None appears on behalf of the respondents though they are duly served.

(2.) THIS revision is directed against an order dated 14-2-1995 passed below Ex. 47. rejecting the request of the applicant-bank for adjournment and also against an order dated 23-8-1996 passed below Ex. 56 rejecting the review application by the learned Civil Judge, Sr. Dn. , in Spl. Civil Suit No. 71 of 1990.

(3.) THE facts, in brief, are as under : the plaintiff is a nationalized bank and it has granted and disbursed a term loan of Rs. 45,000. 00 and cash credit facility to the respondents for Rs. 30,000. 00 on 18-2-1983, cash credit limit was enhanced up to Rs. 60,000. 00 on 30-10-1995 and the bill purchase limit was also granted to respondents/non-applicants to the extent of Rs. 25,000. 00 Original defendants 4 and 5 stood as guarantor to the said transaction and executed a Deed of Guarantee on 15-5-1987 in favour of the plaintiff. The term loan of Rs. 45,000. 00 was disbursed in favour of respondents 1 to 3 on 18-4-1987. In May 1987, cash limit was further enhanced to the extent of Rs. 2,80,000. 00 at the request of respondents 1 to 3 and the said amount was to carry interest at the rate of 16. 5% per annum with quarterly rests. The applicant had granted over draft to respondents 1 to 3 total amounting to Rs. 5,60,000. 00 and the said over draft was also to carry interest at the rate of 16. 5% per annum with quarterly rests.