RAM BABU KESHWARWANI Vs. ORIENTAL BANK OF COMMERCE

JUDGEMENT

(1.) THE appellant/defendant has filed this appeal under Section 96 of the Code of Civil Procedure against the judgment and decree dated 5. 7. 1996 passed by the Second Additional District Judge to the Court of District Judge, Sagar in Civil Suit No. 2-B of 1996 wherein the respondent/plaintiff's suit for recovery of Rs. 80,146. 25 with interest at the rate of 15. 05 percent per annum with quarterly rest was decreed.

(2.) THE case of the plaintiff/respondent Bank is that the respondent Bank is nationalised Bank and Surendra Kumar Sharma and J. R. Chouker are authorised to verify, sign and present the plaint on behalf of the plaintiff/oriental Bank of Commerce. Plaintiff has pleaded that the defendant took the loan of Rs. 95,000/- on 20. 12. 1988 from the plaintiff Bank for purchasing Mahindra diesel jeep and agreed to pay the interest at the rate of 15. 05 percent with quarterly rest. That the defendant agreed to repay the loan in 35 instalments of Rs. 36607 per month and the jeep was hypothecated in favour of the plaintiff Bank. That the defendant has not paid the amount of Rs. 80,146. 25 even after the issuance of legal notice. It is prayed that the amount of Rs. 80,146. 25 be decreed in favour of the plaintiff Bank with interest at the rate of 15. 05 percent per annum with quarterly rest and the plaintiff be allowed to recover the amount by selling the hypothecated jeep.

(3.) THE defendant has denied that he has taken the loan of Rs. 95,000/- with interest at the rate of 15. 5 percent per annum with quarterly rest. It is denied that the jeep was hypothecated in favour of the plaintiff. It is also denied that the sum of Rs. 80,146. 25 is due on the defendant and the plaintiff is entitled to get the amount and the alleged interest by selling the hypothecated jeep.