MALE VENKATESWARLU Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Defendants 2 and 3 in O.S. No.16 of 1987 on the file of the Court of the Additional Subordinate Judge, Ongole are the appellants. The first defendant in the suit is the second respondent in the present appeal and the plaintiff in the suit, the State Bank of India, Ongole is the first respondent in the present appeal.

(2.) The first respondent-plaintiff bank instituted the suit O.S. No.16 of 1987 on the file of the Additional Subordinate Judge, Ongole, for recovery of Rs.61, 549-80 ps. being the balance of principal and interest due on account copy got maintained by the bank on a mortgage deed and on a promissory note dated 16-2-1983 executed by defendants in favour of the plaintiff for Rs.40,000/- payable with interest at 15.5% with quarterly rests.

(3.) The trial Court on the respective pleadings of the parties settled the issues and recorded the evidence of PW-1 and D.Ws. and 2 and marked Exs.A-1 to A-15, and ultimately came to the conclusion that the first respondent-plaintiff bank is entitled to a decree with costs with subsequent interest at 6% per annum from the date of suit till the date of realization and five months time was granted for redemption. Aggrieved by the same, the defendants 2 and 3 preferred the present appeal.