LAWS(BOM)-2008-3-127

CANARA BANK Vs. EASTERN MECHANICAL WORKS

Decided On March 04, 2008
CANARA BANK, BOMBAY Appellant
V/S
EASTERN MECHANICAL WORKS, BOMBAY Respondents

JUDGEMENT

(1.) Heard learned counsel for the rival parties.

(2.) This suit is filed by Nationalized Bank against defendant Nos. 1 and 2 for recovery of their dues with interest thereon. Defendant No. 1 is proprietorship concern; whereas, defendant No. 2 is a guarantor. The defendant no. 2 has expired. His heirs and legal representatives were not brought on record. Consequently, the suit stood abated against him.

(3.) The factual matrix reveal that defendant no. 1 enjoyed cash credit facility in the sum of Rs. 80,000/- against hypothecation of cinema equipments, spare parts and other goods lying in the office premises of defendant no. 1 located at Purushattam Building, 25-A, Tribhuvan Road, Bombay 440 004.