BANK OF INDIA VIJAYAWADA Vs. KATAMANENI SURYANARAYANA

JUDGEMENT

(1.) This appeal is filed by the plaintiff in O.S. No. 63 of 1985 on the file of II Additional Subordinate Judge's Court, Vijayawada. The plaintiff, which is Bank of India, filed the suit for recovery of the amount due on a promissory note dated 4-10-1979 executed by the first defendant and one late Katamaneni Mangayamma for Rs.62,000/- agreeing to repay the same with interest at 12 1/2% per annum with quarterly rests. As Mangayamma expired, her legal representatives defendants 1 and 3 to 7 were added. The 2nd defendant executed a guarantee deed.

(2.) Defendants 2 to 7 remained ex perte. The first defendant filed a written statement contending among other things that the defendants are entitled to the benefits of Act IV of 1938.

(3.) The learned trial Judge following the decision of this Court rendered by P.A. Choudary, J. reported in Indian Bank, Palakole v. D. Venkata China Krishnam Raju, 1988 (2) ALT 148 holding Section 4(e) of the Agriculturists Relief Act as unconstitutional, held that the plaintiff Bank is not entitled to the exemption under Sec. 4(e) of the Act and, therefore, the defendants are entitled to the benefits of Act IV of 1938 and so decreed the suit with interest as declared by Act IV 1938 from the date of the suit till the date of the decree and subsequent interest at 6% per annum from the dale of the decree till the date of realisation. The plaintiff Bank has filed this appeal aggrieved by the said judgment.