CHANDAN KUMAR Vs. UNITED WESTERN BANK LTD

JUDGEMENT

(1.) The guarantor/defendant No. 4 has filed this first appeal under Section 96 of the Code of Civil Procedure against the judgment and decree passed by learned 3rd Additional District Judge, Indore, in C.O.S. No. 59-B/93, dated 30-10-1996 decreeing the suit of the plaintiff.

(2.) The facts necessary for the disposal of this appeal are that plaintiff-Bank is having its banking branch at 9, Pipli Bazaar,.Indore whose Manager is Shri Anil Goudbole and who is authorised to file the suit. The defendant No. 1 is a partnership firm and its Proprietor is Shri Vijay Kumar Bang. Defendant Nos. 2 to 4 are the guarantors of defendant No. 1. A sum of Rs. 2.10 lac towards cash credit loan (hypothecation) was allowed by the Bank to defendant No. 1 on 13-1-1992. Eventually, the promissory note of Rs. 2.10 lac towards cash credit hypothecation loan agreement was executed. Defendant Nos. 2 to 4 executed and submitted guarantee in favour of Bank for indemnifying the loan and accordingly executed the documents.

(3.) It is the further case of the plaintiff that defendants agreed to pay Rs. 23.75 paise per annum interest. The account of defendant No. 1 is maintained by the Bank indicating the details when the amount of loan was utilized by defendant No. 1 and in how and which manner the same was repaid. A sum of Rs. 2,90,002.40 paise is to be realized from the plaintiff till date of filing of the suit, which was filed on 19-4-1993. The defendants had made default in depositing the installments and did not deposit the monthly installments regularly, hence the suit was filed after sending the notice to them on 29-1-1993. The plaintiff sought relief against all the defendants jointly and severally as prayed in the relief clause of the plaint.