STATE BANK OF INDIA Vs. K SATYANAND

JUDGEMENT

(1.) The plaintiff-nationalised Bank is the appellant before this Court. The suit, O.S. 187 of 1980 on the file of the Subordinate Judge, Rajahmundry was filed by the plaintiff-Bank for recovery of a sum of Rs. 75,374-45 being the amount due on a promissory note and also based on the mortgage bond. 4

(2.) For the sake of convenience the parties to this appeal will be referred to as they are arrayed in the suit.

(3.) The trial Court decreed the suit. However, while decreeing the suit the trial Court held that Section 21-A of the Banking Regulation Act, 1949 is not retrospective and consequently held that the defendants are entitled to the benefit of A.P. (Andhra Area) Agriculturists Relief Act, 1938 (Act IV of 1938). Aggrieved by the said finding, the plaintiff-Bank has filed this appeal.