KRISHNA DEO PASSEY Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This appeal under Section 96 of the Code of Civil Procedure has been preferred by the Appellants being aggrieved by the judgment and decree dated 24.11.2000 passed by Additional District Judge, Harda in Civil Suit No. 2 -B/82 whereby the suit of the Plaintiff -Bank has been allowed directing the Appellants to pay jointly and severally the amount of Rs. 858823/ - alongwith 14% interest from the date of filing of the suit till realization.

(2.) The case of the Respondent in short is that the Plaintiff is a body corporate constituted by the State Bank of India Act, 1955. The Defendant No. 1 and 2 are sons of Defendant No. 5. Defendant No. 6 is the wife of Defendant No. 1 and Defendant No. 7 is the wife of Defendant No. 2. The Defendant No. 5, 6 and 7 formed a registered private limited company in the name and style of "M s H.L. Passey Engineering Private Limited", Station Road, Harda. The Defendant No. 5 is the Managing Director and Defendant No. 6 and 7 are the directors of this Company. On 01.04.1978 the Defendant No. 1,2,3 and 5 formed a partnership under the name and style of M H.L. Passaey & Sons, Station Road, Harda and its branch at 72 -75/A, Industrial Area, Govindpura, Bhopal.

(3.) According to the terms and conditions of the document the Bank charged interest at the rate of 14%. They were required to submit periodical statements of accounts, profit and loss sheet, certified balance sheets and stocks statements and to route the entire transactions through the Bank Account.