PUNJAB NATIONAL BANK Vs. DHASHRATH SINGH

JUDGEMENT

(1.) This appeal has been preferred by the plaintiff against the judgment and decree dated 21.2.1993 passed by the Additional District Judge, Ganj Basoda, whereby he decreed the suit of the plaintiff but did not award pendente lite and future interest and granted instalments.

(2.) The facts briefly narrated are that a suit was filed for recovery of Rs. 1,82,962/- with the allegation that defendant Nos. 1 and 2 took a loan of Rs. 74,000/- from the Bank for purchase of a tractor. Interest was payable at 12.5% per annum. One Phool Singh, defendant No. 3, stood as surety. Phool Singh died and defendants Nos. 4 and 5 are his legal representatives. Dashrath moved an application on 21.2.1993 admitted the plaintiff's case but pleaded that he was not in a position to pay the amount in lump sum. He had aleady paid a sum of Rs. 50,000/- and undertook to pay another amount of Rs. 25,000/- within a week. It was prayed that the balance be directed to be paid in 7 instalments. The learned Trial Court decreed the suit and directed that a sum of Rs. 82,962/- be paid within 15 days and the balance be paid in yearly instalments of Rs. 10,000/- and in case of default of two instalments the entire amount was to be paid. In full interest pendente lite and future interest was awarded at the rate of 3% only.

(3.) Learned Counsel for the appellant contended that the Court committed an error in not awarding interest pendente lite at the agreed rate and also without the consent of the plaintiff directed the payment by instalments.