KASILANKA SRI KRISHNAVENI Vs. M RAMA KRISHNA

JUDGEMENT

(1.) THIS appeal is filed challenging the judgment and decree dt.22 -10 -1998 in O.S.No.389 of 1997 on the file of the II Addl. Senior Civil Judge, Kakinada.

(2.) THE defendants are appellants in the suit.

(3.) THE suit was filed by respondent on the basis of a mortgage executed by appellants in favour of respondent on 20 -01 -1992 pursuant to which the appellants had borrowed a sum of Rs.30,000/ - from the respondent for the purposes of their businesses and construction of their house. The said amount was to be paid with interest @ 2.50% per mensum yearly compound. With an intention to create a security on the said debt, the appellants had deposited the documents of title of the plaint schedule property with the respondent at his residence at the time of borrowing the amount. Contending that the amount borrowed on 20 -01 -1992 on the above terms was not paid, the respondent had issued registered notice dt.20 -07 -1997 to the appellants asking them to pay the money, and though the appellants received the said notice they did not pay the amount or replied to the legal notice.Therefore the suit was filed on 22 -10 -1997.